On Monday, May 27, Stellar Lumens (XLM) gained by 6% with a focus on breaking into the top five cryptocurrencies category. By the time of writing, the ninth-ranked digital asset was trading at $0.1375 with a market capitalization of $2.6 billion.
At the moment, XLM’s resistance level stands at about $0.16. If this resistance level is broken then the digital asset should be able to achieve a new all-time high.
On May 15, XLM managed to hit the $0.155 mark. However, XLM managed to drop even with the market on a bull run. Based on the current market situation, XLM should easily surpass this mark before the end of May.
Just like other major cryptocurrencies, XLM had a tough 2018, a scenario that spilled over into 2019. However, the asset has managed to pick up showing a bullish trend throughout the year.
The bullish trend can be attributed to network development and a number of strategic partnerships. The Stellar foundation recently signed deals with IBM and Deloitte and Wirex, a renowned payment service provider.
However, the main question is whether the asset can break into the top five crypto spot. To reach such heights, XLM must first surpass the $0.5 mark with an impressive market capitalization.
XLM just like other assets heavily relies on Bitcoin’s performance. If the bullish run continues, then XLM should hit new heights sooner than expected. Over the weekend, XLM rose by 10% and if the momentum continues, then reaching $0.3-$0.5 should not be a problem. The current bull run has the potential of dictating the market for the entire June.
The main question is how long will the current bull run last? Even if the market relapses, XLM will be among the assets that will stand tall. The crypto has real-world development products alongside a strong development team. XLM is, therefore, a candidate for the top five cryptocurrencies.
