Additionally, the account stated that this caused a surge in prices, but many believe that the aforementioned decision to burn coins was the catalyst for the surge. Nevertheless, let’s take a closer look at the XLM price and gauge its future potential.On Nov. 1, the #XLM network upgraded to Protocol 12— path payments are now symmetrical, inflation is disabled, and node monitoring has improved. This led to a surge in prices – however, #Stellar is still in the bear market. #StellarLumens
— Weiss Crypto Ratings (@WeissCrypto) November 5, 2019
Stellar Trading Range
The XLM price has been increasing steadily since reaching a low of 554 satoshis on Sept 6. Since then, it has twice reached the resistance area at 900 satoshis, decreasing each time and creating long upper wicks. The technical readings are still a bit peculiar. There is a bearish divergence in the RSI, however, it is present in both the identical highs at 800 satoshis and the higher-high of 935 satoshis. The trend-line of the first divergence has been broken, but the higher-high created another. While this makes it likely that the current move will not be successful in moving above the resistance area, it does not invalidate the possibility of a breakout in the future. Therefore, XLM is likely that we will see a retest of the support area at 800 satoshis followed by an attempt at breaking out above the current resistance at 900 satoshis. Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!
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