Altcoin Stellar Lumens (XLM), which legendary analyst Peter Brandt said “will explode” as we mentioned yesterday, has achieved a slight upward acceleration. So what direction will the next movements in the cryptocurrency be?
Popular analyst Aayush Jindal states that XLM has achieved a strong upward momentum and broke the $ 0.0980 resistance. According to Jindal, the XLM price shows signs of bullishness and may continue to rise up to $ 0.1200.
According to Jindal, there was a sharp increase from the $ 0.0880 support zone against the US dollar. The price broke the main $ 0.0980 resistance area and traded at the monthly high of $ 0.1053. On the 4-hour chart of the XLM / USD pair, there is an important bullish trend line supported by $ 0.0950. The trend line is close to the 50% Fib retracement level of the last rally and has risen from $ 0.0887 to $ 0.1053.
According to Jindal, the pair will continue to rise to $ 0.1200 as long as it is above $ 0.0950.
Correction may be experienced
Another analyst, Rajarshi Mitra, says that XLM is trending between the rising trend line and the upper curve of the 20-day Bollinger Band. According to him, the RSI is around 79.25 in the overbought territory. This indicates that XLM / USD is over-priced and will face bearish correction soon. On the other hand, in XLM, MACD shows continuous upward momentum.
XLM / USD may face support levels at $ 0.0948, $ 0.0854, $ 0.0808, and $ 0.0764 if it drops.
XLM is still in the green zone, at 13.70% on a daily basis. Stellar’s XLM is the 14th largest cryptocurrency with a current market value of $ 2,112 billion and an average daily trading volume of $ 570 million. Token experienced a sudden increase with the news that Stellar blockchain is integrated with Samsung Blockchain Keystore. Integration can speed up the adoption of Stellar as it allows users to securely store their private keys on Samsung Galaxy smartphones.
The crypto currency was trading at $ 0.103399 at the time of writing.