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<ul> 
 <li>Stellar Lumens (XLM) breaks out of a descending resistance line, signaling potential bullish momentum.</li> 
 <li>Key insights include full retracement support, volume surge, and resistance flip.</li> 
 <li>Short-Term Bullish: Returning above the double bottom pattern suggests a positive outlook for XLM.</li> 
</ul> 
<p><a href="https://cryptonewsland.com/when-will-stellar-lumens-xlm-break-the-1-barrier/" target="_blank" rel="noreferrer noopener">Stellar</a><a href="https://cryptonewsland.com/when-will-stellar-lumens-xlm-break-the-1-barrier/"> Lumens (XLM)</a> has recently broken out of a descending resistance line, signaling a potential bullish trend. On November 4, Stellar Lumens completed a significant token burn, destroying 55 billion XLM tokens.&nbsp;</p> 
<p><a href="https://stellar.org/foundation">The </a><a href="https://stellar.org/foundation" target="_blank" rel="noreferrer noopener nofollow">Stellar</a><a href="https://stellar.org/foundation"> Development Foundation</a> implemented this burn to enhance efficiency within the Stellar ecosystem. Following the announcement, XLM surged by 25%, igniting bullish sentiment among investors.</p> 
<h2 class="wp-block-heading" id="h-technical-analysis-key-insights">Technical Analysis: Key Insights</h2> 
<p>The weekly chart reveals that XLM retraced fully from its December 2017 high of $1.10 to the May 2017 high at $0.05. Remarkably, the current level has held as support, acting as a springboard for XLM’s upward movements.&nbsp;</p> 
<p>Although the price of XLM is in a 23-month downtrend since its 2017 peak, some analysts predict an upsurge in the coming days. For instance, <a href="https://twitter.com/javontm1?lang=en" target="_blank" rel="noreferrer noopener nofollow">Javon</a><a href="https://twitter.com/javontm1?lang=en"> Marks</a> believes that only time seems to be in the way of a price rally to $0.681.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">As <a href="https://twitter.com/search?q=%24XLM&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$XLM</a> (Stellar) continues to hold broken out and free of the displayed resisting trend, only time is looking to be in the way of a prices point of $0.681!<br><br>With this breakout, an over 603% uphill run to reach this target can be coming and all of this post-breakout action could… <a href="https://t.co/y5Hc6HSgcC">https://t.co/y5Hc6HSgcC</a> <a href="https://t.co/r7RdV3GdTZ">pic.twitter.com/r7RdV3GdTZ</a></p>— JAVON
   <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;">MARKS (@JavonTM1) <a href="https://twitter.com/JavonTM1/status/1811749232535044099?ref_src=twsrc%5Etfw">July 12, 2024</a>
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</figure> 
<h2 class="wp-block-heading" id="h-volume-surge-and-resistance-flip">Volume Surge and Resistance Flip</h2> 
<p>XLM surged and printed an all-time high volume candle on Bitfinex. The price broke through the crucial resistance at $0.07 and pushed further toward the range high at $0.09.&nbsp;</p> 
<p>For sustainable upward momentum, a retest near $0.073 is necessary to confirm the support/resistance flip. If XLM rallies toward $0.13, it will breach the weekly downtrend for the first time in 23 months.</p> 
<p>Notably, the same price action occurred on the XLM/BTC pair. During the 2017 crypto mania, high-volume spikes took place, but XLM consistently retraced to levels below 800 satoshis (sats). Now, with the recent bullish momentum, XLM could trigger a rally, potentially reaching $0.13 and beyond.</p> 
<p>Returning above the double bottom pattern is a positive sign for XLM in the short term. As the token burn and technical indicators align, investors eagerly await further price movements. Keep an eye on <a href="https://cryptonewsland.com/how-stellar-lumens-xlm-is-set-to-surpass-1-03-a-2024-prediction/">XLM’s </a><a href="https://cryptonewsland.com/how-stellar-lumens-xlm-is-set-to-surpass-1-03-a-2024-prediction/" target="_blank" rel="noreferrer noopener">performance</a>—it might just be the beginning of a new bullish cycle.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also&nbsp;</h4> 
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links"> 
 <li><a href="https://cryptonewsland.com/stellar-lumens-xlm-eyes-new-highs-in-2024-beyond-0-488/">Stellar Lumens (XLM) Eyes New Highs in 2024: Beyond $0.488</a></li> 
 <li><a href="https://cryptonewsland.com/when-will-stellar-lumens-xlm-break-the-1-barrier/">When Will Stellar Lumens (XLM) Break the $1 Barrier?</a></li> 
 <li><a href="https://cryptonewsland.com/why-stellar-lumens-xlm-could-soon-exceed-1-crypto-experts-take/">Why Stellar Lumens (XLM) Could Soon Exceed $1 – Crypto Expert’s Take</a></li> 
 <li><a href="https://cryptonewsland.com/why-did-xlm-see-a-whopping-21-27-surge-amid-market-uncertainties/">Why Did XLM See a Whopping 21.27% Surge Amid Market Uncertainties?</a></li> 
 <li><a href="https://cryptonewsland.com/how-close-is-xlm-to-its-next-major-breakout-analyzing-the-path-to-0-20/">How Close Is XLM to Its Next Major Breakout? Analyzing the Path to $0.20</a></li> 
</ul> 
<p>The post <a href="https://cryptonewsland.com/xlm-returns-above-double-bottom-pattern/">XLM Returns Above Double Bottom Pattern Printing Highly Bullish Signal for Stellar Lumens</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

XLM Returns Above Double Bottom Pattern Printing Highly Bullish Signal for Stellar Lumens

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