Stellar has rallied by 200% in November alone, achieving a monthly peak of $0.219.
The remarkable growth followed the bullish cycle across the cryptocurrency market.
Meanwhile, a massive correction seems imminent, now that the price has dropped under $0.2.
Stellar bulls are working around the clock to establish higher support after hitting a wall slightly under $0.22.
This impressive liftoff occurred after XLM broke above a descending triangle pattern's hypotenuse. Trading below $0.22 appears to have triggered more selling pressure and encouraged more sellers to join the market.
XLM/USD is exchanging hands at $0.19, while the immediate downside seems unsupported.
The most formidable support area lies at $0.12 (August 2020 peak).
If the price overshoots this zone, Stellar would be at risk of erasing all the progress made in November.
XLM/USD daily chart
Read more from the original article:
https://www.fxstreet.com/crypt...
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