- Stellar Lumen price prediction is massively bullish as the price is recovering fast
- Parabolic uptrend takes XLM/USD to $0.2231 to again target annual highs
- Stellar Lumens quick recovery to $0.2360 surprises the altcoin realm
- XLM leads Altcoin recovery with a massive 160% rally in the past 48 hours
- Most altcoins are still recovering, meaning there’s still steam left in the XLM uptrend
Stellar Lumens price prediction – Massive bull run enters consolidation
Even the wildest Stellar Lumens price prediction doesn’t come close to what happened in the past two days. After the correction in the crypto market, analysts were predicting the resumption of the daily uptrend. Bitcoin price recovered first, followed by significant altcoins. However, Stellar Lumens price prediction went wild and posted a 166 percent rise to end the bearish price decline.
The broader rally in the altcoin market ensured that XLM was in high demand, driven by massive volumes. The increase in volume meant that buying action generated a fierce wave underneath the price, taking it from a $0.1450 low to a high of $0.2360 within a span of a few hours. Other notable peers were ADA and XRP.
Now, most of the coins are near annual highs. XLM/USD pair seems to consolidate as well. The price is at $0.2020 and right in the middle of the converging Bollinger Bands. However, the volume data shows a muted rise, and the weekend momentum is yet to carry forward itself. The coin is already on the top 20 cryptocurrencies in terms of market cap. After the recent 160 percent rise, there’s nothing but a continued bull run in the store for XLM/USD.
Stellar Lumens price movement in the last 24 hours – Maintaining the lead
The current price action in XLM/USD represents consolidation since it is within a tight range of $0.1870 to $0.2068. The limited range is not letting either bulls or bears to take charge. The sideways movement is limited to the hourly charts since the daily charts are still bullish uptrend. The correlation with BTC is still in play and is contributing to further bullish Stellar Lumens price prediction.
As BTC goes past the $18,000 level, the altcoins are looked up to with exuberance. XLM is one of the few altcoins that is benefitting the most from a renewed interest in cryptocurrencies. Some analysts believe that the rising correlation with BTC is a worrying trend as it limits room for altcoins’ growth. However, in the current context, the Stellar Lumens price prediction seems to be doing well to mimic BTC price movements.
XLM/USD 4-hour chart – Bulls must maintain momentum to touch annual highs
The crypto correction saw the XLM decline 37 percent from its annual highs. The $0.23 high was matched by a fall towards $0.1450. However, XLM/USD rose 11 percent on Sunday and again rose 30 percent today to reclaim higher levels. The technical indicators were already in the overbought region before the fall. The quick recovery didn’t let the indicators cool down.
Thus, various technical indicators are still in the overbought zone threatening the current parabolic uptrend. The fort at $0.1452 is emerging as strong support for the pair. The RSI stands at 58, and the MACD is in neutral territory. The price is set to resume its uptrend once the current consolidation above $0.200 is over.
Stellar Lumens is steadily rising in the social ranks as its adoption increases. The rise of XLM is the crypto psyche is now reflecting in the price as well. The 160 percent rally is evident that the altcoin is ready to rock for the mainstream audience.
The recent fundamental announcements have only contributed more to the rise of Stellar Lumens. Settle Network used Stellar blockchain to launch two stablecoins. Furthermore, an update to the Stellar blockchain was made public by the Stellar Development Foundation (SDF). The buzz on social networks is also rising fast. Such positive news is also why the price was able to recover from the lows quickly and help positive Stellar Lumens price prediction.
The current contraction of Bollinger Bands and trading within a range will perhaps work positively for Stellar Lumens price prediction. The pair is posting higher highs on the hourly charts. As the price closes the day in the vicinity of the 55-day simple moving average, XLM/USD pair is all set to cross the $0.2400 level on the back of strong bullish buying.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.