Stellar (XLM) is exhibiting a classic bullish inverse head and shoulders (IHS) pattern, suggesting a potential reversal from its multi-month downtrend. The left shoulder is positioned around $0.24–$0.26, with the head at a low of $0.218, marking a perfect double bottom. The right shoulder is forming with a higher low and a strong bounce, while the neckline resistance is identified between $0.260 and $0.265.
Currently, XLM is testing lower support at $0.2188, up 2.4% today following a strong green candle. A break and close above $0.265 would confirm the pattern's activation, targeting a measured move to approximately $0.31–$0.32. Additionally, a nested 2-hour IHS pattern is contributing to short-term momentum, with traders watching for volume increases to confirm a breakout.
Stellar (XLM) Forms Bullish Inverse Head and Shoulders Pattern
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.
