Stellar Lumens (XLM) experienced one of its best trading days in years with a massive surge of around 30% in just 1 day. The volume behind this recent move is also the highest since last year.
The bulls had a really nice break above two daily resistances on September 17th but the volume was not that impressive and it looked like a simple and small bounce from the extended RSI.
It is now clear that it was not a small bounce and XLM bulls were able to smash through weeks of resistance in just 1 day going from $0.0634 to $0.089 followed by a small consolidation to $0.0825. We are actually seeing continuation today after the market had a rocky start with almost all cryptocurrencies consolidating from the recent moves.
The bears pushed XLM down to $0.07415 but the bulls were able to defend that level and are now trading at $0.0837 hoping to see another higher high with increasing volume.
The weekly chart is actually still in a downtrend as the high of the trend is all the way up at $0.134, however, this move was certainly very significant as the bulls were able to break above the 12-day EMA with more volume than we have ever seen on Binance and the week still has 3 days left.
There is, however, a lack of resistance nearby if the bulls are able to break above the 26-day EMA. The RSI is also not overextended.
Similarly, the monthly chart hasn’t changed that much and the downtrend still stands, the high here is all the way up at $0.162, clearly, the bulls still have a lot of work to do here.
It’s not exactly clear the reason behind this recent massive move as Stellar hasn’t released anything special aside from the announcement about an airdrop of 2 billion XLM, something that isn’t necessarily too bullish.