Stellar price analysis: 60% rally could be inbound

July 10, 2020
By Benson Toti

The price of Stellar has not peaked and will likely surge another 60% after its recent 50% spike that took it to within $0.10

Stellar Lumens’ price has jumped more than 50% over the past three days to see it rally to $0.10. It then met resistance at around $0.097, although by then the crypto had broken several hurdles above $0.06.

As of writing, XLM has dipped from its highs of $0.0907 as a 6.2% downturn pushes prices to $0.086. It’s also inching away from its local highs that were set on Thursday, suggesting the recent rally has peaked.

However, according to some analysts, Stellar Lumens isn’t finished. A look at the short term charts shows its trending green on the bounce over the hourly and four-hour charts.

GJMullen on TradingView thinks the cryptocurrency is going to swing higher near term. According to his chart, XLM/USD currently trades outside a descending channel, which has already been retested. The chart’s analysis predicts that XLM could be primed for a solid upside swing.

Another trader, PostyXBT holds the same outlook by pointing out that Stellar is breaking out of a year-long range against Bitcoin.

According to the analyst, XLM/BTC is likely to rally to highs of 0.00001690. The pair currently exchanges hands at 0.0000959 bitcoins per unit of XLM.

XLM/USD daily price

Stellar has dropped to lows of $0.0867 today, with bulls appearing to be losing the battle against the bears.

But having traded with a bullish bias over four of the last five sessions, bulls still have the upper hand. The target for buyers is to prevent sellers from sending the price back into the channel, as suggested by the 20-day Bollinger Band.

After ceding support at $0.0900, bulls are looking to defend $0.086 on the four-hour charts. If the area gets into the hands of the bears, the next area of support is at $0.079.