After a somewhat helpless bear assault, the crypto market looks well in the recovery process, with some like Stellar (XLM) gaining massively. It will be remembered that back in 2017 when the crypto market was all hot and bullish, Stellar rose by a cool 7000%, making its way into the crypto fans’ hearts as one of the favorites.
This time around, Stellar is impressing too. Since the markets woke up a few days ago, Stellar has achieved about 100% price increase and a good rise in trading volumes. Can this surge take it back up to the $0.98 highs of 2017?
Poloniex To Support Stellar
On Wednesday, crypto exchange Poloniex announced that henceforth, it will be giving Inflation Rewards to select Stellar users. Possibly, the good news coupled with the rising trading volume and price increase is working to rekindle Stellar’s status as favorite crypto.
Stellar Is In Sync With Bitcoin
A quick look at the charts reveals that Stellar is following in Bitcoin’s footsteps. However, there remains a possibility that the crypto could, in the near future, decouple from this relativity and charts its own path up.
At the moment, Stellar is trading at around $0.141, with a total market cap of $2.7 billion and daily trading volume reaching $899 million. According to data from CoinMarketCap, Stellar is up by 10% in the last 24 hours.
The daily charts indicate that Stellar has a fairly strong support level at around $0.136 and faces a resistance at $0.165. However, if it overcomes the resistance, it can easily cruise up to around $0.28. This might be made possible by the fact that the trading volume is rising, and that’s bound to affect the price positively. Still, the quick rise might need a small retracement before the crypto can embark on a full bull run.