- XLM token currently trades at $0.077
- Technical indicators suggest an upcoming rally for the coin
- An attractive buy for investors looking to make short-term gains
Stellar Lumens (XLM) looks poised to breach the key resistance level at $0.0824.
Last week, the global crypto markets experienced a minor recovery that put a breath of fresh air in the pessimistic market. The premier cryptocurrency Bitcoin (BTC) crossed key resistance level at $3600 and has maintained to stay about the figure.
Other digital assets such as Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) followed suit as they all witnessed gains in percentage in double figures. Litecoin, in fact, lead the rally with almost 30 percent spike in its value.
The market added close to $8 billion in a day and currently has a cap of approximately $121 billion. Although there’s no saying as to how long the rally might last, one could expect speculators and day-traders to cash out their small profits with the spike in price.
Stellar Lumens (XLM) Behavior
Stellar’s XLM coin was among the gainers that benefitted from the market rally. At the time of press, the price of XLM stands at $0.077, down a puny 0.97 percent from last week, with a market cap of $1.485 billion and 24-hour trading volume of $176 million.
The coin faces a key resistance level at $0.0824 and analysts speculate that it could easily breach the figure in the coming few days. The coin’s relativity strength index (RSI) indicator sits at 49.29 which could mean that it is in the oversold zone. When an asset is oversold, chances are that its market value is much less than the actual value, which could give rise to minor bullish movement.
The token’s MACD also suggests that an incoming bullish movement is right on the cusp, although it could take a few days.
Recent XLM Developments
Stellar Lumens has been on a spree of developments in recent times and chances are that the bearish market sentiment might have suppressed the actual value of the token to a large extent.
BlockchainReporter reported on February 4, 2019, how the blockchain-powered firm entered into a partnership with Axel Springer, one of Europe’s largest digital publishers.