Currently, the crypto market’s attention is on Ripple’s XRP and its ‘brother’ cryptocurrency, Stellar Lumens (XLM). The announcement that Ripple’s XRP was not a security had a significant impact on the market, pushing the price of XLM above crucial resistance lines. However, XLM’s price faced a heavy drop after enjoying a surge, which appears to be a brief stumble. Currently, XLM is displaying bullish tendencies once more, with prices gaining momentum and aiming to surpass immediate resistance levels.
XLM Community Remains Bullish
Over the past two months, Stellar Lumens (XLM) has stood out as one of the top-performing cryptocurrencies in terms of market capitalization and price gain. It managed to record a remarkable 110% increase in price, soaring from its lowest to its highest price point during this eight-week period. However, recent trends suggest a potential slowdown, indicating that the bullish momentum behind XLM may be experiencing fatigue.
If buyers manage to continue the current uptrend and push the XLM price above the crucial resistance line of $0.183, it will likely open further long positions and test the upward channel pattern at $0.21-$0.22. The surging EMA20 trend line and the RSI in positive territory suggest potential breakout momentum ahead.
However, the bullish outlook may become invalid if the XLM price fails to gain buying pressure near resistance levels. A severe bearish trend might occur if the price drops below the support level of $0.138, leading to a consolidation near $0.125.
Source: https://coinpedia.org/altcoin/stellar-xlm-shows-bullish-hope-again-will-bulls-be-able-to-clear-resistance-for-xlm-price/