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XLM on the Brink of a 35% Move, According to Key Indicator

XLM on the Brink of a 35% Move, According to Key Indicator
  • Stellar (XLM) price has been trading sideways for the past several days.
  • The digital asset is primed for an extensive move as it is contained inside a tightening pattern.
  • Stellar launches horizon 2.0 with accumulating benefits to developers.

Stellar has been trading sideways for the past week while volatility dropped significantly. The digital asset is inside a symmetrical triangle pattern which is on the brink of bursting.

In addition, on the 1-hour chart, a large symmetrical triangle pattern is on the brink of a breakout or breakdown. On the chart below, two key levels at $0.417 for the resistance and $0.39 for the support level.

XLM Triangle Pattern (source: TradingView)

A breakout above the key resistance line at $0.417 will quickly push Stellar price towards $0.56, a 34% move calculated using the pattern’s height as a reference point. Besides, losing the support level of $0.39 will push XLM down to $0.26, which is also a 34% drop.

On the other hand, the Stellar blockchain has announced its Horizon 2.0 platform, which will benefit firms, groups, and developers. Stellar posted on its Twitter, “Big news… we’ve just released Horizon 2.0”. According to Stellar, V2.0 comes with “massive structural and performance benefits.”

The company can utilize the upgrade to run Stellar (XLM), using far less resources than the older versions. The update also offers a new structure that introduces the improved Stellar Core version.

With the upgrade of the Captive Stellar Core, now saving transactions will be possible. It also allows for faster rebuilding of the Horizon client database.

Stellar has called V2.0 development as a paradigm shift for the Stellar network. Users now have more options to select the setting that suits them best. It will also allow them to run a validator or run Horizon for direct access to the blockchain.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.