Stellar was in a pretty rough shape yesterday as it nose-dived from its recent peak to $0.124, but that’s just one slice of the cake.
Today, Stellar managed to surge to new heights as it surpassed its recent peak and is heading towards a completely new resistance level of $0.13 by the end of this week.
It did have a tumble early in the morning but a correction was quickly followed up at the $0.121 and $0.123 resistance levels. Luckily for XLM, the price kept surging, but it’s not clear whether or not the coin will reach something as high as $0.13 by the end of this month.
Stellar is in quite a precarious situation as it’s continuing to struggle in terms of popularity. The XLM blockchain network is pretty similar to TRON and XRP, the problem is the traction that it gets. Sure it may surpass TRON in terms of price but there is a whole slew of different factors at play here.
Regardless of the non-technical aspects of XLM, it is still in the process of forming new support and resistance levels as we speak. Currently, the major support level lies at $0.124 while the resistance is somewhere near the $0.120 mark.
When it comes to long-term predictions, it’s expected that the bullish sentiment is simply not going to last for XLM and it’s going to fall from grace sooner or later.