Crypto markets are having a very bullish week as the Bitcoin price surged to its new yearly highs on Tuesday. The market wide greenery also pushed Stellar Lumens price higher. Consequently, XLM crypto turned green for the 6th consecutive day. This marks a strong rebound from the monthly lows of $0.098.
Bitcoin dominance (BTC.D) has surged to its highest level in 2.5 years. BTC.D is a measure of Bitcoin’s market share in the total market cap has now hit 54%. Therefore, while altcoin prices increased today in terms of USD, most coins still underperformed Bitcoin.
According to the latest Stellar Lumens news, the project has partnered with Certora for security audit checks of its upcoming smart contract platform known as Soroban. This new platform which is currently in testnet will enable developers to deploy smart contracts on Stellar with a new mechanism.
XLM is the native asset of the Stellar ecosystem with a range of utility across different applications. Even though Stellar Lumens price is up 3.45% today, the XLM/BTC pair has still plunged to its lowest level since July 2023. This shows that the popular altcoin has underperformed compared to Bitcoin in the past 3 months.
Technical analysis shows that XLM/USD has surged 15.6% from its October lows. If the price closes above $0.119 today, the next target could be the $0.135 resistance level. However, a breakout above $0.135 would signify a bullish reversal on the daily timeframe.
Stellar Lumens price prediction will flip bullish after a reclaim of the $0.135 resistance level. In this case there is a strong likelihood of a retest of the supply zone which lies above $0.175. This means a potential 30%-50% upside from the current prices. Another bullish sign is the recent breakout above the 200 MA which is present at $0.11.
This post was last modified on Oct 24, 2023, 15:07 BST 15:07