After the past few weeks of an aggressive bearish trend, the Stellar Lumens price has started to recover in the markets, with today’s trading session showing a price gain of almost 2 per cent. Today’s trading session also follows yesterday’s 3 per cent price surge, which reversed a streak of a two-day bearish trend that had seen the crypto dropping by 9 per cent.
Earlier this month, the crypto suffered an over 20 per cent price loss in under a week following the collapse of the FTX crypto exchange, which pushed the entire cryptocurrency market into a bearish trend. Since then, the Stellar Lumens price has struggled to recover as the industry continues to suffer in the markets following multiple reports that we might see similar cases of cryptocurrency firms failing and mirroring the collapse of FTX.
However, despite the current price drop of Stellar Lumens, there is a high likelihood that we might see it recovering soon, despite what fundamental factors and the industry’s trend will be. Part of the reason for my bullish long-term analysis is because the XLM price has been among the least affected cryptos following the recent FTX fiasco despite it dropping by over 20 per cent.
The recent price action also shows an aggressive bullish outlook despite the industry looking bearish. Therefore, there is a high likelihood that we might see XLM price trading against the trend to the upside.
Based on the above analysis, I expect the Stellar Lumens to continue with the current bullish trend. There is a high likelihood we might see the crypto price trading above the $0.1 price level in the next few trading sessions. It is also highly likely that the current push to the upside will be long-term and extend into next month. However, a trade below the $0.08 price level will invalidate my bullish analysis and possibly signal a bearish trend.
This post was last modified on Nov 23, 2022, 11:29 GMT 11:29