Stellar Lumens price is holding steady in part because of the overall rally of cryptocurrencies. The XLM price has jumped by about 1.50% in the past 24 hours, bringing its total market cap to more than $7.67 billion making it the 11th biggest cryptocurrency in the world.
The background: Stellar is one of the leading altcoins in the world. Started by one of the co-founders of Ripple, the network’s goal is to help people create, send, and trade all kinds of cash, including the US dollar, Mexican peso, and euro among other types of currencies. Unlike cash, Stellar is not controlled by anyone. Instead, the software behind it is decentralized and controlled by the members.
Recent Stellar Lumens price action: The XLM price has been in an uptrend in the past few months. Precisely, it has risen from $0.026 in March last year to an all-time high of $0.4388. Along the way, it has underperformed other altcoins like Cardano and Chainlink, as shown below.
On the daily chart, we see that Stellar Lumens price has been rising but the uptrend has not been a straight line. Between November and January, it formed a bullish flag pattern that broke out on January 5th.
And in the past few weeks, it formed a bullish pennant pattern and broke-out last week. However, the expected rally has found substantial resistance slightly below $0.400. Therefore, in my view, while the uptrend will likely remain, it will be confirmed if it manages to move above $0.400.
