Stellar (XLM) has been one of the least-talked-about of the major cryptocurrencies over the last few months, but there is currently a key price battle underway that investors should be keeping tabs on.
XLM, like most other altcoins, has had a rough go of it over the last year-and-a-half as the price has been in a seemingly endless downtrend.
However, since the recent March crash that saw Bitcoin (BTC) fall as low as $3,800 and XLM as low as ~$0.03, the altcoin has shown significant strength, suggesting the worst may be over for the now 13th-largest cryptocurrency.
Taking a look at the chart, XLM managed to bounce off the $0.06 level earlier in May, potentially breaking the trend of lower lows and leading to a retest of the next resistance level in the $0.07 to $0.08 range. The altcoin is now up around 40% in the past month.
While $0.09 has typically been the wall that stops XLM rallies– at least dating back to last summer — the $0.07 to $0.08 range has been the key battleground since the start of the month. While this price range may prove difficult to break through, XLM would have to fall below $0.03 for the downtrend to get worse, which seems less likely than a higher high above $0.09.
Time will tell whether the former top-10 cryptocurrency can regain its luster and market position.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.