Stellar (XLM) Could Be Next Alt to Rally Next Similar To ETH, BTC & ADA

Stellar XLM price is holding the key $0.1200 support area and is currently struggling to gain momentum. However, the recent rise in bitcoin and Ethereum could boost XLM in the near term.

  • Stellar lumen price must stay above the $0.1200 support to start an upward move.
  • There is a major declining channel in place with resistance near $0.1260 on the 2-hours chart.
  • XLM could either start a strong rally above the $0.1260 level or decline back towards the $0.1100 level.

Stellar Consensus Protocol

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Stellar Lumen Price Analysis (XLM To USD)

In the past few sessions, there was a strong upward move in bitcoin, Ethereum, ripple, cardano, and bitcoin cash. However, stellar lumen could not climb higher and it remained in a bearish zone below the $0.1250 level.

Stellar Lumen Price Analysis (XLM To USD)

Click to Enlarge Chart

Looking at the 2-hours chart of XLM/USD, the pair started a major decline below the $0.1300 support and the 25 simple moving average (2-hours).

The price gained momentum below $0.1260 and $0.1240. However, the $0.1210 and $0.1200 levels remained intact and acted as supports. A swing low was formed at $0.1215 and the price recently corrected higher.

It broke the $0.1250 level and the 23.6% Fib retracement level of the last slide from the $0.1358 high to $0.1215 low. However, gains were capped by the $0.1260 level and the 25 simple moving average (2-hours).

Moreover, there is a major declining channel in place with resistance near $0.1260 on the same chart. Therefore, a successful close above the $0.1260 level is needed for more gains in the near term.

The next key resistance is near the $0.1300 level. Besides, the 61.8% Fib retracement level of the last slide from the $0.1358 high to $0.1215 low is also near the $0.1300 level.

A successful close above the $0.1300 level might start a strong increase in stellar price in the near term. In the mentioned case, the price could even climb towards $0.1400.

Overall, if bitcoin and Ethereum continues to rise, there are high chances that XLM could also catch up and rise above $0.1300.

The market data is provided by TradingView, Bitfinex.


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