The cryptocurrency market is mostly in green, BTC rally hit new all-time highs of $35,863. After a bout of lackluster trading in December, Stellar (XLM) exploded higher today. A 31 -month high on XLM/USD was subsequently reached at $0.4399. XLM began the year 2021 with an opening price of 0.1277 after which the bulls took charge. In four straight days of bullish action, XLM rose to fresh highs of $0.43 as positive sentiment shift from Ripple’s XRP and Ukraine deal buoys Stellar. Climbing from intraday lows of $0.1925, Stellar has gained 83.33% on a daily and 131.84% on a 7-day basis. At the time of writing, XLM is exchanging hands at $0.30 after reaching intraday highs of $0.4399. Stellar is the 9th largest digital asset with a current market capitalization of $6.76 billion and an average daily trading volume of $8.4 billion. XLM benefits from a Ukrainian government partnership under which it will help lawmakers digitize the national fiat currency, the hryvnia. XLM also thrived on a positive sentiment shift from XRP following the Ripple SEC lawsuit. The Tie gives the long-term sentiment score for XLM to be 70 while XRP scores under 70. Before the legal action, XRP sentiment was at an all-time high.
*XLM began the year 2021 with an opening price of 0.1277 after which the bulls took charge
*XLM is exchanging hands at $0.30 after reaching intraday highs of $0.4399
*XLM benefits from a Ukraine government partnership
Resistance Levels: $0.4399, $0.4000, $0.3500
Support levels: $0.2500, $0.2090, $0.1500
XLM/USD Daily Chart: Bullish
XLM/USD Daily Chart
On the daily chart, Stellar has climbed above several resistance levels to reach highs of $0.4399. Stellar has also reclaimed the MA 200 and the MA 50 as support levels. Looking ahead, if the buyers push higher again, a minor resistance may be encountered in the range between $0.35 to $0.40. The first major resistance is at $0.40 and the second at $0.4399.
Once these levels are flipped, a price target beyond $0.6 may be reached. Since the rally occurred in a quick spurt, Stellar’s Lumen left the major support and resistance levels above $0.3 to $0.43 untested. If the price turns down from current levels, the first support beneath $0.3 lies at $0.2879 and the second at $0.250.
XLM/USD 4-Hour Chart: Bullish
XLM/USD 4-Hour Chart
Stellar took off on January 5th when it confirmed the 4 hour MA 200 located at $0.16 as support. It continued a climb higher to$0.4399 where it met resistance and fell to the $0.3 price range subsequently. The bulls are currently attempting to sustain Stellar Lumens (XLM) above the $0.3 support. However, any rise from the current levels could face selling at $0.35 and then at $0.43.
On the upside, a sustained break past $0.4399 holds the key to XLM/USD uptrend. In this scenario, XLM could reach $0.6 and retest its all-time high of $0.897328. The XLM/USD pair is only bullish while trading above the $0.3 mark, key resistance is found at the $0.35 and 0.43 levels.
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