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Breaking Stellar (XLM) Poised to Break Out? – A Price History

2 mins
Updated by Ryan Smith
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In Brief

  • XLM is currently trading at $0.36.
  • XLM is quickly approaching a new yearly high.
  • Weekly indicators are bullish.
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The Stellar (XLM) price has increased considerably since it reached a low in March 2020. It has been rising at an accelerated rate over the past two months.

If the rate of increase persists, XLM may undergo a rally similar to that which led to the massive moves in 2018.

This article will compare the previous market cycles and see how the current upward trend compares.

First All-Time High

The first major upward move took place between Nov. 2016 – May 2017. On May 7, 2017, XLM reached an all-time high price near $0.082. The entire upward move lasted 154 days and amounted to an increase of 5,457%.

What followed was a long corrective period, in which it fell by a massive 92% over the next 132 days. The decrease culminated in a low of $0.006 on Sept. 15, 2017. After creating a bullish hammer on the daily time-frame, XLM began an upward move that led to further bullish price action.

First Cycle
Chart By TradingView

Current All-Time High

The ensuing upward move for XLM was even more consequential in both directions. There was a massive increase of 14,956% in only 112 days that led to an all-time high around $0.92, a price that has yet to be broken.

However, what followed was an extended corrective period, in which XLM slowly bled out and lost 97% of its value over 798 days. On March 13, 2020, it settled on a low of $0.026 but has been moving upwards since.

All-time High
Chart By TradingView

XLM Current Movement

The move since the March low can be divided into two cycles. The first one was a gradual increase that played out over 157 days and measured 354%. It was followed by a 50% fall over 70 days, leading to a low of $0.057 in Oct. 2020.

Since then, XLM has been on an accelerated upward path, which resembles the move to the all-time high, increasing 518% in only 71 days. On Jan. 7, it touched a high of $0.41. XLM is currently trading around $0.36.

Current Move
Chart By TradingView

If the rate of increase continues, it could reach a new all-time high price in the coming months. When looking at the weekly chart, XLM was rejected at the 0.382 Fib retracement level ($0.367) before falling.

However, after the 0.5 Fib retracement at $0.47, which is also a horizontal resistance, there is virtually no resistance beyond that until the all-time high. Furthermore, technical indicators are bullish, indicating that XLM is in a long-term upward trend.

XLM Weekly
Chart By TradingView

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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