DAILY NOTION: Stellar Lumens' Technical Analysis: XLM seems ready to retrace after a 200% spike in November

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

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