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

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

By Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.
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