- Summary:
- Stellar Lumens price was attempting to bounce back on Tuesday as cryptocurrencies and stock indices recovered.
Stellar Lumens price was attempting to bounce back on Tuesday as cryptocurrencies and stock indices recovered. The XLM crypto price rose to a high of $0.1155, which was slightly above this week’s low of $0.1130. It is about 17% above the lowest level this month. Stellar has a market cap of more than $2.9 billion, making it the 28th biggest cryptocurrency in the world.
Stellar is a leading blockchain platform in the payments platform. It was established by a co-founder of Ripple, with the goal of helping people create products to store and move money internationally. Stellar’s biggest use case was the launch of USD Coin by Circle. In just a few years, USDC has grown to become the second-biggest stablecoin in the world after Tether. Stellar Lumens or XLM is the native token for the ecosystem.
Stellar Lumens price is crawling back on Tuesday as sentiment in the market improved. For example, in the United States, futures tied to the Dow Jones and S&P 500 indices have risen by more than 1%. In addition, the VIX and the US dollar indices have all declined in the past few sessions. Therefore, the improving sentiment is the main reason why XLM price has bounced back.
Stellar Lumens price prediction
The four-hour chart shows that the XLM price has been in a strong bearish trend in the past few days. In this period, it managed to move below the important support level at $0.12. The current price of $0.1155 is notable since it was the highest level on September 10. It has also moved to the 25-day and 50-day moving averages while the MACD has moved below the neutral point.
Stellar Lumens is also above the ascending trendline shown in black. Therefore, I suspect that Stellar will resume the bearish trend as sellers target the important support at $0.1050, which is about 9% below the current level. The stop-loss for this trade is at $0.12.
