Stellar price is soaring today as cryptocurrencies stage a comeback following yesterday’s plunge. Stellar Lumens (XLM) are up by more than 20% and are trading at $0.2920, which is substantially higher than yesterday’s low of $0.2100. Other altcoins like Polkadot, Ripple, Cardano, and Chainlink prices have also bounced back.
What’s happening: Stellar lumens price dropped sharply yesterday as some investors rushed to take profit after its 1,300% rally. The decline was across the board, with the total market cap of cryptocurrencies falling below $1 trillion for the first time in more than two weeks. Therefore, there was no specific news that pushed the Stellar price down.
Today, XLM price is soaring as many investors use yesterday’s dip as a buying opportunity. This is known as buying the dip. Also, the price is rising because of the rising demand for the network. For starters, Stellar is an open network for storing and sending money. It helps people to create digital representations for sending all forms of money in a secure and private environment.
What next for Stellar Lumens? On the daily chart, we see that the Stellar price has jumped by more than 20% today. It is trading at $0.2920, which is higher than yesterday’s low of $0.2100. The price is also still above the 50-day and 25-day exponential moving averages. Therefore, in my view, the XLM will continue bouncing back as traders eye the all-time high of $0.40. However, a drop below yesterday’s low of $0.2123 will invalidate this trend.
