Stellar Lumens
XLMUSD
finds itself sitting in a symmetrical triangle since its alltime high on january 3rd and its pattern low on march 18th.
Let's conclude, for a valid symmetrical triangle pattern, we need to meet the following criteria:
IF, XLM can break up of the triangle, the price target is about the size of the pattern itself from the breakout point, which leads me to the target projection at around .82 $ per XLM.
P.S.: looking at the short term 4hr chart, we can see a hidden bullish divergence on the RSI, which should at least lead us to the upper trendline of the triangle :)
XLMUSD
finds itself sitting in a symmetrical triangle since its alltime high on january 3rd and its pattern low on march 18th. Let's conclude, for a valid symmetrical triangle pattern, we need to meet the following criteria:
- An established trend: In our case this one is bullish
- At least two lower highs and two higher lows, in order to draw trend lines which create the symmetrical triangle
- Volume diminishes as the apex gets closer, on breakup we need high volume though
- Pattern duration should be a few weeks to many month: This one lasts for over half a year now
- The ideal breakout point occurs 1/2 to 3/4 of the way through the pattern's development or time-span: We are currently in the second half of the pattern
IF, XLM can break up of the triangle, the price target is about the size of the pattern itself from the breakout point, which leads me to the target projection at around .82 $ per XLM.
P.S.: looking at the short term 4hr chart, we can see a hidden bullish divergence on the RSI, which should at least lead us to the upper trendline of the triangle :)