Stellar Lumens (XLM) price has played out exactly as I predicted in my last week’s analysis. The price has successfully flipped a previous resistance into support and is now aiming for more upside. The latest analysis suggests the price may take out last week’s high anytime now.
On Thursday, altcoins turned green as BTC price tagged a fresh weekly high of $30,440. XLM crypto also extended its gains by 6.33%. This translated into a 27.34% increase since the start of this week. Stellar Lumens is now trading 15% below its last week’s high.
In the past 24 hrs, XLM has outperformed its rival XRP. While the former has pumped 19.2% in the last 24 hrs, the latter has risen only 1.8%. In this way, XLM has made up for the past couple of days when it remained calm as the XRP price pumped. In the last 7 days, both cryptocurrencies have posted similar gains.
The latest surge in Stellar Lumens price comes due to Ripple’s win against SEC after a years-long court battle. Due to its history and similarities with Ripple, the project has attracted a lot of new capital. However, it is still not clear how long the gains are going to sustain.
I mentioned in my last analysis that XLM price will become extremely bullish if it successfully retests the $0.13 level. That’s what exactly happened, as the price had a strong bounce from that level at the start of this week. Consequently, the first major target for the bulls is last week’s high of $0.198.
Stellar Lumens price prediction is looking fairly bullish due to the ongoing bullish momentum. In the coming days, bulls may target the $0.24 level, which is the next major resistance level on the chart. Despite a strong surge, the market cap of XLM remains ten times less than that of XRP.
In the meantime, I’ll keep sharing the updated XLM forecast and my personal trades on my Twitter, where you are welcome to follow me.
This post was last modified on Jul 20, 2023, 13:28 BST 13:28