The latest altcoin technical analysis suggested that a correction was on the horizon following a market-wide surge. Now, it looks like the market is, in fact, retracing before there is a continuation of the bullish trend.
In a matter of six days, Stellar moved up 58 percent to shape the right shoulder of the head-and-shoulders pattern that has been forming in the 3-day chart since December of last year. Now that XLM has broken above the neckline of the pattern, at $0.135, a 45 percent move to the upside could be expected to happen in the near future. This target was calculated by measuring the height from the neckline to the head of the formation.