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

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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.

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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.

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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.

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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.

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.

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.

Chart By TradingView

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate 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.

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