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Currently, $XLM has been moving in a downward channel, with higher lows and lower highs. A breakthrough of the lower channel may be a signal of reversal.
As more and more analysts show positive sentiment based on the obvious bullish trend, it is expected that $XLM breaking its resistance level will bring a price increase of 50-60%.
The false breakout of production forecast is still possible, which is why traders must pay attention to these factors.
The cryptocurrency market still exhibits some features that attract traders' attention, and Stellar's $XLM is no exception. As shown in the following analysis, $XLM has been establishing a descending channel on its 8-hour timeframe chart recently. Rumors of a breakout have started circulating among traders due to this technical structure typically associated with lower highs and lower lows.