Stellar (XLM) on the rise after a month-long drop

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Updated on Jun 15, 2024

Reading time 2 minutes

Stellar's performance in 2020 was marked by two major price surges, and two big drops.
The latter of the two surges started in March, and ended in early June.
While the drop that followed wasn't as severe as the one in March, it took a lot from XLM.

Stellar (XLM) price recently started moving up once again, after nearly a month-long fall. The coin’s price hit its peak on a monthly chart at $0.084 around June 4th. Since then, XLM has been going down, breaking one support after another, eventually hitting $0.061.

However, on Monday, the coin rose by 0.69%, which came as a follow-up on a 2.4% rally that took place on Sunday. It even managed to end the day by hitting $0.0647.

XLM kept tracking the broader market, which led it to an early morning high of $0.06494. After that, it briefly went in reverse, dropping back to a low of $0.06300.

The drop was stopped before XLM came close to a support at $0.06226, and later in the day, it rallied yet again, going up to $0.06542.

It even approached its first major resistance which sits at $0.06544, but before it could touch it or breach it, the coin’s price slowly returned down to levels below $0.065.

Where will XLM go from here?

At the time of writing, however, XLM is once again pushing up and aiming for the mentioned resistance. The coin sits at $0.065353 after surging by 2.76% over the last 24 hours.

If the coin can maintain this momentum, XLM could make a break for it and potentially even hit $0.66 before the day ends. If so, it would have an open road to several higher levels that it needs to reach in order to secure a new bottom and undo the damage it suffered throughout June.

If the coin can do this, it would become a very attractive opportunity for anyone looking for the right time to invest in XLM.

Summary

Stellar’s price suffered throughout June, spiraling down from $0.085 to $0.061. However, the drop suddenly stopped a few days ago, and XLM already started looking for an opportunity to grow and make a few strong supports that would let it climb back up.