Stellar (XLM) Takes Investors By Surprise With 23% Rally

Christian Encila

2 years ago

3 mins read

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Stellar (XLM), the decentralized blockchain platform aiming to revolutionize the world of cross-border transactions and digital asset transfers, has emerged as one of the most promising cryptocurrencies in today’s market.

With its recent surge, Stellar has garnered significant attention and is rapidly becoming one of the biggest gainers of the day. As Bitcoin’s price continues to climb, it has sparked renewed interest and enthusiasm in the overall cryptocurrency market, benefiting altcoins like Stellar.

This bullish momentum is not only a testament to the platform’s technological advancements but also to the growing recognition of its potential to disrupt traditional financial systems.

XLM Shows Strong Rally, But Traders Should Watch Out

XLM has recently witnessed a notable rally of 4.6% within a 24-hour period, propelling its price to $0.109, as reported by CoinGecko. Moreover, over the past seven days, XLM has demonstrated a significant surge of 22.6%. These positive price movements have captured the attention of investors and traders alike, signaling a bullish sentiment in the market.

XLM up 4.6 in the last 24 hours. Source: Coingecko

Despite the encouraging rally, a new XLM price report advises higher timeframe traders to remain prepared for a possible range rather than a breakout beyond a crucial resistance level. On the 1-day price chart, the $0.0935 level represents the previous lower high for XLM.

However, on June 27, the price successfully broke past this resistance level with substantial trading volume. This breakout was followed by consecutive days of upward movement, without any significant retracement, indicating a strong bullish trend in the market.

XLM price trajectory in the last week. Source: CoinMarketCap

Looking ahead, if XLM experiences a dip in the coming days, the $0.1 level could potentially serve as a support level for the cryptocurrency. This implies that if the price retraces, there may be a higher chance of finding support around the $0.1 mark, offering some stability to XLM’s price action.

Correlation Between Bitcoin And Altcoins

Historically, Bitcoin has exhibited a positive correlation with many altcoins. This means that when Bitcoin’s price surges, altcoins tend to follow suit, amplifying the overall bullish sentiment in the market. The recent rally in Bitcoin has likely created a favorable environment for altcoins, including XLM, leading to their upward price movements.

XLM market cap currently at $3 billion on the weekly chart: TradingView.com

However, it’s essential to note that while altcoins often experience a positive correlation with Bitcoin during bullish phases, their performance can vary. Some altcoins may outperform Bitcoin, while others may underperform. Therefore, it’s crucial for investors and traders to conduct thorough research and analyze the specific factors influencing each altcoin’s price trajectory.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Forex Academy

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.