Stellar Lumens is indeed a very well-performing cryptocurrency when you take a good look at its charts for one month or six months. However, comparing those charts to other cryptos such as Litecoin or Bitcoin, we immediately see a very big difference between well-performing and amazing-performing.
At the moment of writing this article, Stellar is nothing too amazing, it managed to gain some traction and support yesterday, but there’s still a long way to go. Furthermore, the growth has been stopped in its tracks and the coin is now waiting for yet another support rush as it sits at $0.125.
It’s been exactly one month ever since Stellar fell from grace and has been trying to climb its way back up, but with no avail.
The issue is that XLM relied heavily on BTC during its May growth, but now that Bitcoin has started to gain traction once again the coin has failed to follow as traders are starting to diversify in its competitors like EOS and XRP.
The $0.162 price point which was the highest the coin achieved in 2019 still looks like a mile away as no serious BTC jump is being expected in the near future.
As already mentioned XLM relies on the performance of coins such as Bitcoin to surge ahead if it ever hopes to reach its 2019 high once again.
Since BTC is already above the $8000 price mark that caused XLM’s surge to $0.162 in the first place, we can deduce that the market sentiment is still quite bearish.
Even though BTC is currently rising to new heights and is predicted to reach $9,000 by the end of June, XLM does not have such a positive prediction.
It is most likely that the coin will continue its struggle on its current position between $0.125 and $0.140, but reaching anything higher than $0.150 by the end of June or even July is highly unlikely.