Stellar Lumens (XLM) Price Retests its All-Time High Where to Next? The Stellar price has continued to recover as the altcoin season continues. XLM is trading at $0.64, which is 64% above the lowest level last week. Its market cap has surged to more than $14.4 billion, making it the 15th-biggest cryptocurrency in the world. What happened: This week has been an altcoin season as most of them have rallied.
The gains have been led by Ethereum Classic, whose price has surged by more than 290% in the past seven days. Ethereum itself has risen by 23%. Therefore, this really is mostly because of the close correlation between most large altcoins. Looking ahead, investors will start focusing on the upcoming US NFP data that will be released in the next few hours.
These numbers will likely have an impact on the US dollar and Treasury yields. For example, if the numbers are exceptionally good, they could push the Fed to start considering tightening the overall policy. This will be negative for Bitcoin and most cryptocurrencies. Stellar Lumens price forecast On Tuesday this week, I made the case that the XLM price was about to keep rising.
I pointed to the fact that the currency seems to have formed a cup and handle pattern that is typically bullish. I also pointed to the ascending channel. Looking at the four-hour chart now, nothing much has changed. The currency remains close to its all-time high of $0.6900 and is slightly below the upper side of the channel.
It has also formed a V pattern. Therefore, while the overall trend is bullish, we can’t rule out some pullback on profit-taking. Still, any move above the upper resistance level will be bullish for XLM. Please don’t consider this investment advice. Views expressed here are those of the writer and the writer and InvestingCube will not be held liable for any losses.
XLM Price Prediction: Stellar puts the worst behind it, eyes 30% upswing XLM price witnessed a 37% upswing that has pushed it beyond the upper range at $0.609. Stellar is likely to consolidate around the demand zone extending from $0.595 to $0.631. Successful injection of buying pressure could propel the remittance token up by 30% to $0.81.
XLM price broke out of a range-bound consolidation and now sits comfortably above it. The immediate support barrier will help Stellar stay afloat before buyers decide to step in. XLM price looks to consolidate On the 6-hour chart, XLM price has risen above its local range at $0.609 and formed a demand zone that extends from $0.595 to $0.631.
The Momentum Reversal Indicator (MRI) has flashed a preemptive top in the form of a yellow down arrow. This setup forecasts that if the uptrend continues, a reversal could be incoming.
Therefore, a consolidation around the demand barrier mentioned above is the most optimistic scenario. The sideways movement will allow buyers to recuperate, allowing a build-up of bullish momentum, which might eventually lead to a massive spike in XLM price to $0.817.
The local top at $0.695 and the 161.8% Fibonacci retracement level at $0.737 will be critical. Hence, investors need to keep a close eye on these barriers. The upswing narrative hinges on the fact that the demand zone holds the collapsing XLM price, but a breakdown could lead to a 6% correction to $0.562.
However, a solid 6-hour candlestick close below this level would invalidate the bullish outlook and kick-start a bearish one. Under these conditions, Stellar could retrace to the 50% Fibonacci retracement level at $0.506.
Read More: Stellar XLM Coin Price Prediction July 2021