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The price of stellar (XLM) can go up to $0.38:
After a tumultuous start to the week, the stellar price seems to be gaining some stability, in short rising above the level of $0.28 this weekend. This increasing momentum has sparked the interest of market fans, with prominent crypto analyst Ali Martinez offering XLM tokens to experience a steady rise in prices soon.
XLM Primed for 40% price increase
In an X post on March 15, Martinez shared an interesting projection for the stellar price after restoring a key level. Martinez noted that altcoin could move to a new local high in the coming weeks.
This rapid projection is based on the formation of the descent channel pattern on the XLM daily chart. For context, a descending channel is a common pattern in technical analysis characterized by ڈھلوان( trendlines towards two large )نیچے. The upper boundary line connects a series of lower elevations and the lower channel line connects the lower level.
The value of the asset is usually maintained within the channel. The upper boundary line acts as a resistance and the lower channel line is considered to be the support floor. The formation of a descent channel is usually a bearish pattern, indicating the continuation of a downward trend.