The crypto market is mostly in the green with BTC rising to highs of $48,912. Stellar Lumens began a steady climb on Feb. 5 after embracing support at $0.325. A run-up on XLM/USD to $0.4798 high ensues after 8 consecutive days of bullish action. This significant move brings Stellar mid-way from its Jan 2018 all-time high of $0.9381. At the time of writing, Stellar is exchanging hands at $0.4528 after jumping to intraday highs of $0.4798. Stellar has gained 9.92% in the last 24 hours and 31.32% on a 7-day basis. At a present market capitalization of $10.42 billion, Stellar flips DOGE to rank 10th largest. Stellar has an average daily trading volume of $3.24 billion with a circulating token supply of $22 billion. The latest research conducted by the Stellar Development Foundation and Wirex shows crypto adoption is near. Nearly three-quarters of the respondents see crypto payments as a viable alternative to traditional money. Following a price breakout, Stellar (XLM) topples DOGE’s market valuation. DOGE had earlier clinched 10th largest following Elon Musk’s tweet on Feb. 8.
*Stellar Lumens began a steady climb on Feb. 5 after embracing support at $0.325
*Stellar has gained 9.92% in the last 24 hours and 31.32% on a 7-day basis
*The latest research conducted by the Stellar Development Foundation and Wirex showed shows crypto adoption is near
Key Levels
Resistance Levels: $0.6500, $0.5000, $0.4798
Support levels: $0.4400, $0.4000, $0.3150
XLM/USD Daily ChartStellar (XLM) breached above the January resistance at $0.4399 to trend higher on Feb. 10. The upsloping moving averages and the RSI near the overbought zone suggest that bulls are in command. Above $0.47, the XLM/USD pair could rally to $0.50 where the bears may again mount stiff resistance. Bulls must focus on breaking the resistance at $0.50 and then $0.65 to set the pace for a run-up to all-time highs of $0.9361.
On the contrary, if the price fails to hold higher at $0.4798, a fall back to $0.4399 and then $0.41 may be anticipated. However, further declines may be stalled at the $0.35 support. XLM may be forced to revisit support at the MA 50 ($0.2797) if this support caves in.
XLM/USD 4-Hour ChartAs seen on the 4-hour time frame, XLM began a steady climb on Jan. 28 after converting the two MAs- 50 and 200 into support. Stellar (XLM) is on a leg higher eyeing gains to $0.5. Stellar (XLM) needs to see its current price doubled to attain its prior all-time high of $0.9361.
On the contrary, if losses proceed beneath the current price of $0.4528, Stellar will be seeking support at $0.44 and the MA 50 at $0.3911 on the 4-hour chart. Price declines beneath this may bring the support levels at $0.34 and the MA 200 ($0.3150) into the picture. The XLM/USD pair is only bullish while trading above the $0.40 mark, key resistance is found at the $0.50 and 0.65 levels.
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