Stellar Lumens has witnessed a 2% increase in the last 24 hours to trade at $0.255. However, the coin’s demand continues to rise following increased adoption despite the current market conditions. Additionally, technical signs show that we may see tremendous gains in the near future.
In one week, the coin’s price moved within Sep 23 high low. Encouragingly, the fact that XLM price ended up above 25 cents is bullish cementing in the last bullish stand. From the candlestick formation, there might be hope for some more buying.
This is in line with Sep 23 bullish engulfing bar backed by high volumes. Besides, the prices bounced off the 78% Fibonacci retracement levels. Due to this technical signs, the coin’s price may experience tremendous gains in the long-term.
In the short term, if bears re-enter the market from the current price level and push price action lower, there might be support located at $0.200 Fib retracement levels. The area of support is significantly bolstered due to the 100-day moving average hovering closely to this price area.
However, if bulls regather momentum at $0.255 and push the coin’s price action higher, there might be a break above the triangle level would signal a self-fulfilling event as more traders would decide to buy.
News and Developments
Unknown to many cryptocurrency traders, the Stellar (XLM) decentralized exchange Stellar X was launched back in July 2018. The platform is a full feature trading app for the stellar marketplace. Additionally, it was developed from a partnership between Interstellar and Chain.
The new development saw Stellar’s demand continue to increase as more traders were eager to try out the new technology. Moreover, the platform’s increased adoption has propelled it to the 6th position by market capitalization.
What’s your take regarding Stellar Lumen’s price, do you think more gains are on the way?
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