Stellar (XLM) Hits New Yearly Peak — Bullish Momentum Continues

Stellar (XLM) has been on a powerful rise since September. On November 18, the price reached a new yearly high of $0.255, signaling strong bullish momentum. 

This surge broke through several key resistance levels, leaving traders eager to see what comes next. Will XLM continue its climb, or is this the peak of the rally?

A Breakout Above Key Resistance

XLM’s recent price action has been impressive. After over a year of trading below a descending resistance line, the coin surged above this trend last week. 

A bullish engulfing candlestick formed with a 90% magnitude, signaling strong buying pressure.

The breakout took the price above the $0.148 resistance level, which had held since June. 

As of November 18, XLM reached a new yearly high of $0.255. This put the price near the long-term resistance zone at $0.250. Breaking through this could trigger even higher gains.

What’s Next for XLM?

Technical indicators show promise. The RSI and MACD are rising and remain above bullish thresholds. Although both indicators suggest XLM is overbought, no bearish divergence has appeared, keeping the uptrend intact.

The coin also seems to be in an impulsive wave, not just a correction. XLM broke out of an ascending parallel channel that began in early 2023. This breakout suggests the coin could be in wave three of a five-wave increase, with a target near $0.400 if the momentum continues.

If XLM breaks through the resistance at $0.250, the next target will be $0.400. This level marks the final barrier before reaching the 2021 high of $0.797. If the current bullish momentum holds, XLM could see significant gains in the weeks ahead.