Is Stellar Lumens (XLM) Readying For A Strong Rally?

1204
Crypto Analysis And Forecast Of 9th May: XRP, XLM, and Cardano
Advertisement

For some time, Stellar Lumens (XLM) hasn’t pulled an impressive market performance, but things look to be changing now that the crypto’s price is indicating some upward movement. Despite the fact that some charts indicate a possible decline, XLM is still in a good position to surge, especially due to the general market push. 

Top Cryptos Are Moving

A quick look at the charts indicates that other top cryptos like Bitcoin, ADA, XRP, and ETH have been on the rise, and that’s something that should inspire some hope for XLM investors. That’s especially given that an upward movement by cryptos like Bitcoin is likely to influence XLM positively.

On its part, Stellar looks ready for a battle to overcome the resistance at $0.13, although the first attempt to cruise past that point didn’t work out well. However, the crypto battled the decline to build momentum between $0.1260 and $0.1240, with strong support levels established at $0.1210 and $0.1200. 

XLM Needs To Stay Above Support  

Is Stellar Lumens (XLM) Readying For A Strong Rally?
XLM Chart Via TradingView

Despite the apparent decline, XLM looks set to attempt another stab at the resistance to rise above $0.1300 soon. That’s especially because of the current upswing in other leading cryptos. For one, Bitcoin’s price action tends to resonate across the market, dragging other cryptos with it either upwards or downwards. 

However, a look at the charts suggests that for XLM to effectively experience a smooth surge, the price needs to stay strong above the $0.1 support level and possibly close above the $0.1270 price level.

Advertisement

If that happens, Stellar Lumens could score some good gains in the short term as it readies for a longer term trend. Also, the crypto’s price increase will largely depend on the rise of others like Bitcoin and Ethereum. Looking at the current trend for both of those top coins, it’s pretty certain that the future of XLM is getting brighter. 


Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram