Stellar Surges Ahead Of Bitcoin, Breaks Out Of Consolidation

Stellar surges ahead of Bitcoin, showing high levels of correlation while leading the way for a Bitcoin upswing again.
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Stellar seems to be leading the recent run-up in the crypto market based on the monthly data so let’s find out more in the Stellar Lumens news.

XLM is breaking out of the consolidation pattern and suggests a 34% target to the upside. If we compare to the historical patterns, Bitcoin could soon catch up with the XLM price and start increasing again. XLM seems to be leading the market and Bitcoin could soon follow.

Stellar Lumens is leading the run-ups in the crypto market since the start of the month. At the start of the month, Stellar surged more than 7% by the time Bitcoin starts catching up. Five days later, a similar pattern emerged and Bitcoin started gaining after the XLM price advanced 5%. Later in April, Stellar jumped more than 11% before BTC followed and reached $7,800. History could repeat itself, XLM will break out of the bull flag pattern that was developing on the 4-hour chart.

The 34% upswing in Stellar’s price, which happened between April 17 and April 21 created a flagpole that complemented the bull flag pattern. Stellar started consolidating a few days later and the recent price action confirmed the break out which is why Stellar surges ahead of Bitcoin. The continuation pattern suggests that the breakout point will move Stellar in the same direction as the previous one with a price target of 34%. Such a bullish move could lead the cryptocurrency to $0.084.

If Bitcoin is poised to follow the Lumens path, it first has to break above the 200-day exponential moving average on the chart. The resistance barrier is hovering at $7,900. The daily candlestick close above the level will start a new FOMO wave so, in such a scenario, the investors will rush to buy Bitcoin and get in on the price action.

BTC could leap to the next significant resistance level under the circumstances and the level sits between $8,800 and $9,300. Failing to move beyond the 200-day exponential moving average, will pose a risk to the bullish outlook in the short-term. The number one cryptocurrency will be forced to drop to the 100 or 50-day exponential moving average and these levels stand at $7,500 and $7,200. As the Bitcoin halving event approaches, the crypto market could go through another period of high volatility.