- Stellar Lumens is leading the recent market run
- XLM is breaking out of a consolidation pattern
- The coin is looking at a 34% target at the upside
Stellar Lumens News Today – Stellar is reportedly leading the current market run. The digital asset is breaking out of a consolidation pattern. After which it will head focus on a 34% rise to the upside. Note that if history should repeat itself, the Bitcoin price may catch up with the price of XLM and start surging as well.
Stellar and Bitcoin have always shown high levels of correlation in the last few weeks. Now, that the price of Stellar is surging higher and leading the way, we can expect a Bitcoin upswing if history happens again. Stellar Lumens appears to be leading the digital asset market as its price surges. Based on the monthly correlation data, BTC could follow XLM and further advance like Stellar.
Leading the Run-Ups in the Crypto Market
The price of Stellar Lumens has been leading the current market run-up. The entire cryptocurrency market has since been trailing Stellar Lumens since the beginning of this month. Take an example, on April 5, the price of Stellar Lumens had surged by nearly 7%. This happened when Bitcoin already started to play catch up. In the next five days, a similar price pattern also emerged. Then Bitcoin started to post gains after the price of XLM advanced by 5%.
On April 21, the price of Stellar Lumens jumped by over 11% before the BTC price followed, and started rising towards the $7,800 mark. Recall that this move triggered a general rally in the digital asset market. Because the other tokens joined the rally alongside BTC and Stellar.
Stellar Lumens Price Breakout
Now, history could be set to repeat itself. This is because Stellar Lumens is now breaking out of its bull flag pattern. This bull flag pattern was developing via the coin’s 4-hour chart. The 34% upswing that Stellar Lumens went through between Apr. 17 and 21 created the flagpole, completing the bull flag pattern.
Stellar has been consolidating for a few days, with recent price action confirming a breakout. The continuation of this price pattern shows that once there is a breakout point, Stellar’s price will move in a similar direction with the previous trend until it reaches a price target of 34%. Any bullish impulse of this sort would take the price of the crypto to $0.084. The price target is reportedly determined by the measurement of the height of the current flagpole. Then you add that distance to the point where it breaks out.