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Stellar XLM Breakout Analysis – Parabolic Breakout on XLM with +103% gains in a Week
Stellar XLM is flipping on a 4-hour candle chart, XLM just went up over +103% from the past week. Let’s take a quick look at XLM, price analysis, and possible reasons for the recent breakout.
What is Stellar?
Stellar is an open platform for building financial products that connect people everywhere. Stellar blockchain enables near-instant payments, with almost zero fees, and a smart contract platform to create a digital asset economy.
Stellar Quick Stats
| SYMBOL: | XLM |
| Global rank: | 12 |
| Market cap: | $4,906,911,142 AUD |
| Current price: | $0.2327 AUD |
| All time high price: | $1.28 AUD |
| 1 day: | +62.4% |
| 7 day: | +103.70% |
| 1 year: | +193.74% |
Stellar Price Analysis
At the time of writing, XLM is ranked 12th cryptocurrency globally and the current price is $0.23 AUD. This is a +103% increase since 18 November 2020 (7 days ago) as shown in the chart below.
In the past week, there was a strong rise in Bitcoin, Ethereum, and Ripple. As a result, stellar (XLM) also formed strong support near $0.096 before starting a fresh increase against the AUD.
To start a strong increase, there was a break above a crucial contracting triangle with resistance near $0.0882 on the daily chart of the XLM/AUD. The pair gained pace above the $0.1250 and $0.1470 resistance levels.
The price gained pace above the $0.1700 level and the 100-day simple moving average. It even broke the $0.2000 level and traded to a new multi-month high at $0.2352. Stellar’s XLM price is currently correcting lower and trading below $0.2400 AUD.
More Upsides in XLM
If the XLM price remains elevated, there are chances of more upsides above $0.2300. The next key resistance is near the $0.2550 level, followed by $0.2400 AUD.
A clear break above the $0.2350 resistance level may perhaps open the doors for more gains above $0.2450. The next major hurdle for the bulls could be near the $0.2600 AUD level.
What do the technical indicators say?
The Stellar XLM TradingView indicators (on the 1 day) mainly indicate XLM as a buy, except the Oscillators which indicate XLM as a neutral.
So Why did XLM breakout?
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. It could also be contributed to some of the recent events where the Stellar anchor Settle Network is issuing two new stablecoins, ARST and BRLT.
Recent Stellar News & Events:
15 October 2020 – Quarter in Review
20 October 2020 – Bitfinex Delisting
16 November 2020 – Meridian Conference
Where to Buy or Trade Stellar?
XLM has highest liquidity on Binance Exchange so that would help for trading XLM/USDT or XLM/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
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