The Stellar Lumens price prediction is still bearish as the price is yet to generate a proper reversal signal. XLM price appears to have found strong support at the $0.10 level as the price has bounced off this level multiple times. Nevertheless, these bounces couldn’t get much momentum, and the price is still hovering in bearish territory. The price has started to form a double bottom but needs a close above $0.123 for proper validation.
The recent rate hikes by US FED have sent most altcoins into a downward spiral. Stellar Lumens has been in a significant downtrend since getting rejected from the $0.25 level twice. This region had acted as major support but is now a strong resistance. Consequently, Stellar Lumens price is trading at $0.118, which is 87% below its all-time high of $0.875.
According to Stellar Lumens news today, the Protocol 19 upgrade has been deployed this month. In other XLM news, MoneyGram is launching a crypto-to-cash service on the Stellar blockchain. This pioneering development would allow Stellar to act as a fiat on-ramp and off-ramp service for digital assets.
Technical analysis of Stellar Lumens price chart shows three successful bounces off the $0.10 level. It is also quite evident that these bounces are not backed by enough volume to gain further momentum. XLM coin lagging in the market recovery while most other altcoins are already 30%-40% up from their last week’s lows.
A daily close above the $0.123 level might be the first step in flipping our Stellar Lumens price prediction to bullish. After a reclaim of this level, the price would need to break out of the downwards trendline to signal a proper bullish reversal. This could only happen if the Bitcoin price goes for a relief rally. A bearish Bitcoin price might trigger another bearish leg for Stellar Lumens. In such a doomed scenario, the XLM price might get some support from the $0.07 level.
This post was last modified on Jun 21, 2022, 15:44 BST 15:44