Stellar has been in an aggressive buying spree for an extended period of time after trading in a prolonged consolidation within a descending parallel channel line. Despite the surge of the cryptocurrency industry, the price of Stellar Lumens (XLM) has been bullish for a while now.
Stellar Lumen (XLM) is currently trading above $0.0880 against the US Dollar, similar to Bitcoin. For the price of XLM to continue its upward trajectory, it must remain above the $0.0850 support level.
After establishing a foothold above the $0.075 level, the Stellar Lumen price began to surge against the US Dollar. The XLM/USD pair broke through the $0.080 resistance zone, propelling it into a bullish trend. After breaching the $0.080 level, Stellar Lumen began a fresh surge against the US Dollar. The XLM/USD pair broke the $0.082 resistance zone, propelling it into a bullish trend.
The price even managed to break the $0.0880 resistance and the 100 hourly simple moving average. Additionally, a key bearish trend line with resistance near $0.0875 on the 4-hour chart was breached. At present, the price is trading comfortably above the $0.088 level, indicating further upside potential.
The price of the asset is facing resistance near the $0.0960 level, with the next major resistance at $0.0980. A successful break above this level could propel the price towards the $0.1010 level, and further gains could take it as high as $0.1100 or even $0.1170 in the coming days.
On the downside, the primary support is near $0.0930, with an initial support at $0.0900, close to the 38.20% Fibonacci retracement level of the downward move from the $0.0818 swing high to $0.0959 low. The next major support is near the $0.0875 level or the 100 hourly simple moving average, which is close to the 61.80% Fibonacci retracement level. The main support is near the $0.0850 zone, and any further losses could take the price towards the $0.0820 level, with a potential retest of $0.0800.
According to Price Analysis, The market capitalization of this XLM is estimated to be $2,487,285,225.The coin's 24-hour trading volume is around $94,346,361. XLM market capitalization has risen by 3.52%. However, trade volume increased by 23.77% during intraday trading. The market capitalization to volume ratio is 0.0379.
KEY LEVELS :
RESISTANCE LEVEL : $0.0980-$0.1000
SUPPORT LEVEL : $0.0930-$0.0910
After breaking through the extended consolidation of XLM in the descending channel line, XLM is poised to reach $0.10. Please share your thoughts in the comments section below.