Stellar price prediction: Are technical indicators pointing to a rise of up to 60 percent?

Stellar's (XLM) price trajectory has been down since July 13, when it reached its highest point of the year. But trading within a short-term pattern can lead to a breakout. Despite the decline, the weekly trend remains positive. Also, breaking out of the short-term symmetrical triangle will confirm the bullish trend.
Stellar price fluctuates
XLM's weekly timeframe technical analysis reveals a few key developments. The first of these is the debut at the beginning of January; XLM has crossed a descending resistance line that has existed for 616 days.
Following this breakout, XLM formed a higher low and confirmed the previous resistance line as a support level. This sparked an upside move for XLM and gained momentum in June.
Although Stellar successfully surpassed the $0.105 horizontal resistance zone, it failed to reach the next $0.23 resistance. Instead, the bullish action stopped at $0.195 and formed a notable long upper wick (red mark). These suppositories are considered a sign of selling pressure. Therefore, they are usually followed by bearish movements.
After reaching this high, Stellar has been bearish for the next three weeks and is approaching the $0.105 support zone.
On the weekly chart, the Relative Strength Index (RSI) offers a mixed reading. RSI is a tool that traders use to evaluate market momentum.
An RSI reading above 50 and an uptrend indicates that the bulls are still in an advantageous position. Conversely, a reading below 50 implies opposite. In the context of XLM, the RSI remains above 50 but points to an uncertain trend.
XLM price prediction: Bottom line?
After evaluating XLM's price movements using Elliott Wave theory, a positive outlook emerges for the future price trajectory. However, a significant recovery at the current level is required for this outlook to hold. Elliott Wave theory is a tool that technical analysts use to study long-term price patterns and investor sentiment, and is used to make predictions about market trends.
Considering the ongoing Elliott Wave analysis (white lines), it seems that the current position of XLM's price is likely the end of the fourth wave of a five-wave upside series. This fourth wave occurred in a triangular pattern. This is the case most commonly observed in this particular phase of the wave cycle.
If this analysis is correct, it shows that the price of XLM has probably already reached a local low point (green mark) and is currently in the process of confirming the support line of the triangle pattern (white mark). Also, this indicates that XLM is nearing the end of its consolidation phase.
As a result, XLM is expected to break out of the triangle pattern and rally to the next long-term resistance level at $0.23. This projection marks an increase of around 60% from the current price point.
After the five-wave uptrend is complete, a corrective phase may occur. The first wave (white) 3.61 extension also supports the target. Due to this merger, XLM price is likely to reach a local top at this level.
To confirm this positive scenario, it is vital that Stellar price closes above the resistance line of the triangle.
However, despite this positive price prediction for Stellar, a drop below the top of the first wave (red line) at $0.12 would indicate a shift towards a bearish trend.
In this scenario, XLM price is likely to decline towards the next support level of $0.09. This means a 35% reduction from the current price.
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