Highlights
- XLM detonates to a fresh yearly high of $0.78 amid renewed bullish momentum
- Stellar traded at $0.721, up 26.10% in the last 24 hours and 29.35% on a 7-day basis
- Stellar indicated that $280m worth of relevant asset transactions were recorded in Q1 2021
Selected Altcoins continue to rally higher while Bitcoin consolidates below $60k. Stellar (XLM) is edging higher after picking pace from lows of $0.57 on May 9. XLM detonates to a fresh yearly high of $0.78 amid renewed bullish momentum. At the time of writing, Stellar (XLM) traded at $0.721, up 26.10% in the last 24 hours and 29.35% on a 7-day basis. Ranking 13th largest, Stellar market valuation stands at $16.74 billion with a 24-hour trading volume of $4.63 billion. Stellar recently shared some stats from its Q1 review in a bid to answer a key question: are people using Stellar? It indicated that $280m worth of relevant asset transactions were recorded in Q1 2021, up from $9.6m seen in Q1 2020. This represents a whopping 2,798% year-on-year growth in cross-border and cross-currency transactions.
Key Levels
Resistance Levels: $0.8500, $0.8200, $0.7800
Support levels: $0.7000, $0.6562, $0.6050
XLM/USD Daily Chart: Bullish
XLM/USD Daily Chart
XLM shifted into a higher gear, simultaneously thrusting above the $0.689 barrier and the former yearly high of $0.690. Furthermore, the short-term oscillators are favoring the upside, demonstrating the pickup in positive momentum, which helped the pair overstep the $0.69 limiting barrier. The steadily advancing moving averages 50 and 200 are backing the bullish picture.
A successful step above the $0.78 high could face immediate resistance from the $0.85 barrier. If buying interest persists, the price could hit the $0.93 all-time high registered in January 2018. Alternatively, if XLM price recoils below the current levels, a vital support zone could develop from the previous barrier at $0.69 until $0.57. Slightly lower, the MA 50 at $0.50 may be a key spot to watch.
XLM/USD 4-Hour Chart: Ranging
XLM/USD 4-Hour Chart
XLM found new buyers above the MA 50 at $0.59, advancing its bullish impulse towards a fresh yearly high of $0.78 on Monday. Currently, XLM price seems to be facing some downside pressures near the $0.78 level. If the bulls claim this number, the way will open towards the $0.85. Higher, the rally is expected to take a breather around $1. The technical oscillators reflect a mixed bias, the RSI suffered a mild pullback, receding from a strongly overbought zone to around 70.
If XLM price extends its decline below the $0.69 barrier, it could meet the $0.66 and $0.63 support levels. Further losses could send the pair towards the MA 50 at $0.59 and then towards the MA 200 currently at $0.54. Overall, the big picture remains positive, though a sustained break below $0.70 might switch the outlook into neutral.
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