Stellar prices are up by 28.65%. The past 24 hours have been positive for Stellar and have made XLM price hit $0.087. Stellar has shown a growth of 50% in the past three days.
Will Stellar Manage to Hold $0.070 Support?
On the 9th of September, Stellar bounced to the $0.06 level and it was followed by a climb to $0.08 support. A bull- run was then predicted if the bulls regrouped and pushed prices above $0.070.
Now, that the market is in control of bulls, it is likely that prices will break $0.08 resistance and surge further if buying pressures are sustained.
However, it is important that the XLM/USD pair makes a retracement before a proper bullish swing. The price is likely to find support at $0.070 before driving to $0.0673 and $0.0657 support levels.
A trend reversal is seemingly at play as bulls turn active. In case, the buyers become weak, the market is not as likely to show the same movements. However, the bullish sentiment will prevail if XLM can manage to hold $0.070 support.
Relative Strength Index (14)- 74.562897
Stochastic %K (14, 3, 3)- 45.791207
Exponential Moving Average (5)- 0.072545
MACD Level (12, 26)- 0.000848
Simple Moving Average (20)- 0.062679
What Is Driving The Price Movement?
Market watchers on Twitter were quick to concur that price is being driven by a pump-dump movement. However, no big transactions have been recorded today.
Also, Stellar, recently grabbed headlines as Stellar Development Foundation announced it is going to give away 2 billion XLM tokens over the coming 20 months, worth $124 Million at present prices.
While it is interesting to note XLM prices surging, Bitcoin’s performance seems to be lagging, eToro senior market analyst Mati Greenspan said,
“It seems that while bitcoin’s performance is lagging, some of the altcoins have been zooming. To me, it seems like it’s still a bit early to be calling this an ‘altseason’ but it certainly has the potential to turn into one.”
Does this spectacular price rise being witnessed among altcoins is a kickstart to the alt season? Let us know what you think?
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Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.