Stellar Lumens’ (XLM) managed to outperform the market by a large margin and reenter the top 10 cryptocurrencies by market cap
Stellar Lumens has returned to the top 10 cryptocurrencies by market cap after continuing its move up. XLM has recently managed to break out of its slightly-descending pattern and gain as much as 255% before starting to retrace. While the price movement has toned down since, XLM still managed to score gains of almost 30% on the day. This move allowed it to overtake both Chainlink (LINK) and Binance Coin (BNB) in market capitalisation.
At the time of writing, XLM is trading for $0.29, which represents a price increase of 78.62% when compared to the previous month’s value.
Stellar Lumens (XLM) broke out of its retracement, which it entered after skyrocketing and gaining 255% in a matter of days. XLM is stationed just under the $0.3 mark, which it is currently fighting for. It’s important to note that the cryptocurrency seemingly found a strong support level in the 21-day moving average and at the $0.2 level.
XLM faces a very dense zone of resistance after it passes $0.3, while its support is backed by the 21-day moving average, 1-hour and 50-hour moving averages, and ultimately the $0.2 level.
XLM/USD daily price chart. Source: TradingView
XLM’s RSI on the daily time frame has just scratched the overbought area during the peak of its move, before starting to descend and leaving it. Its RSI currently has a value of 64.26.
XLM/USD 1-hour chart. Source: TradingView
XLM’s hourly time-frame clearly shows us its price retracement after the move that brought it to $0.417. However, the most recent market rebound sparked XLM bulls to try and bring its price back above and break the descending trend, which they did. While it is possible for XLM to return to its previous trend, the descending (black) trend line will most likely prove to be a strong support level.