Stellar Lumens might be ready to break through its multi-year downtrend

Stellar Lumens recently moved above a downward trendline that was holding its price from a further advance for the past two years.

On Jan. 4, 2018, Stellar Lumens reached an all-time high of $0.98.

Following the milestone, this cryptocurrency entered a massive downtrend that has seen its price depreciate by 96 percent.

Since the peak in the beginning of 2018, Stellar has been making a series of lower highs that formed a downward trendline.

Every time Lumens hits the bottom of the channel, it bounces off to the middle or the top.

Stellar is currently bouncing off the lower boundary, which suggests a further advance.

Such a bullish impulse would represent a 20 percent increase from the current price levels.

Despite the bullish outlook that Stellar Lumens presents, the Crypto Fear and Greed Index is picking up high levels of greed among investors.

Following the recent 65 percent upswing that Stellar has gone through since mid-December 2019, a correction seems reasonable.

A new inflow of capital would likely send Lumens into new yearly highs.