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XLM Price 620% Surge Fails to Conquer $0.5 Resistance
XLM Price 620% Surge Fails To Conquer $0.5 Resistance.
Stellar Lumens (XLM) has recently experienced a significant surge, with its price climbing over 80% to reach a high of $0.55. This bullish momentum reflects strong buying interest and renewed confidence in the asset’s potential.
However, the price also briefly retraced from its peak as it faced resistance at the $0.55 level, suggesting that $1 remains a potential milestone rather than an immediate outcome.
XLM Rally Fails To Conquer Key Resistance
The XLM USD rally sparked hopes that the token may reach $1, but these hopes were dashed after the token failed to hold on to the $0.5 price level. It seems that the bears’ profit booking triumphed over the hype that was pushing the Stellar Lumens token higher.
During the token’s 620% rally since Nov. 4, traders started piling into the market hoping to ride the bull run to $1. However, the token plunged after a spike to $0.64 on Nov. 24. Since then, the token has dropped nearly 28% to reach a daily low near $0.45.
XLM USD daily price chart with RSI. Source: Tradingview
The plunge was likely after the token reached its highest level since May 2021.
If the downtrend continues, XLM price could reach the support near $0.4. Breaching the immediate support might force the token to test the support near $0.28.
On the other hand, if the XLM price starts rallying again, the token will face resistance near $0.585 again. Breaking and consolidating above this resistance could help the token rise to the resistance near $0.72 before correcting.
However, the overbought RSI levels, currently scoring 76.95 on the daily charts, could result in more downside movement for the token.
Grayscale’s 10-K Filing The Fuel For Rally
A pivotal factor in XLM’s recent rally is Grayscale Investments LLC’s filing of its annual 10-K report for the Grayscale Stellar Lumens Trust (GXLM) on November 22, 2024. The report highlighted a 10% increase in the Trust’s net assets, adding approximately 34.88 million XLM tokens.
This substantial accumulation by a prominent institutional investor signaled strong confidence in Stellar’s long-term prospects, thereby boosting market sentiment.
Traders celebrated the XLM Grayscale news and the resulting hype.
The filing also provided transparency into the Trust’s financial health, including details on net realized and unrealized losses, which are crucial for investors assessing the Trust’s performance.
The increased holdings and positive financial disclosures likely contributed to the surge in XLM’s price, as investors interpreted these developments as bullish cues.
Additionally, the broader cryptocurrency market’s upward trajectory, with Bitcoin nearing the $100,000 milestone, has positively influenced altcoins like XLM.
The combination of Grayscale’s increased holdings and favorable market conditions has positioned XLM for potential further gains, though investors should remain cautious of possible short-term corrections.
The post XLM Price 620% Surge Fails To Conquer $0.5 Resistance appeared first on CoinChapter.
Stellar Lumens (XLM) has recently experienced a significant surge, with its price climbing over 80% to reach a high of $0.55. This bullish momentum reflects strong buying interest and renewed confidence in the asset’s potential.
However, the price also briefly retraced from its peak as it faced resistance at the $0.55 level, suggesting that $1 remains a potential milestone rather than an immediate outcome.
XLM Rally Fails To Conquer Key Resistance
The XLM USD rally sparked hopes that the token may reach $1, but these hopes were dashed after the token failed to hold on to the $0.5 price level. It seems that the bears’ profit booking triumphed over the hype that was pushing the Stellar Lumens token higher.
During the token’s 620% rally since Nov. 4, traders started piling into the market hoping to ride the bull run to $1. However, the token plunged after a spike to $0.64 on Nov. 24. Since then, the token has dropped nearly 28% to reach a daily low near $0.45.
XLM USD daily price chart with RSI. Source: Tradingview
The plunge was likely after the token reached its highest level since May 2021.
If the downtrend continues, XLM price could reach the support near $0.4. Breaching the immediate support might force the token to test the support near $0.28.
On the other hand, if the XLM price starts rallying again, the token will face resistance near $0.585 again. Breaking and consolidating above this resistance could help the token rise to the resistance near $0.72 before correcting.
However, the overbought RSI levels, currently scoring 76.95 on the daily charts, could result in more downside movement for the token.
Grayscale’s 10-K Filing The Fuel For Rally
A pivotal factor in XLM’s recent rally is Grayscale Investments LLC’s filing of its annual 10-K report for the Grayscale Stellar Lumens Trust (GXLM) on November 22, 2024. The report highlighted a 10% increase in the Trust’s net assets, adding approximately 34.88 million XLM tokens.
This substantial accumulation by a prominent institutional investor signaled strong confidence in Stellar’s long-term prospects, thereby boosting market sentiment.
Traders celebrated the XLM Grayscale news and the resulting hype.
The filing also provided transparency into the Trust’s financial health, including details on net realized and unrealized losses, which are crucial for investors assessing the Trust’s performance.
The increased holdings and positive financial disclosures likely contributed to the surge in XLM’s price, as investors interpreted these developments as bullish cues.
Additionally, the broader cryptocurrency market’s upward trajectory, with Bitcoin nearing the $100,000 milestone, has positively influenced altcoins like XLM.
The combination of Grayscale’s increased holdings and favorable market conditions has positioned XLM for potential further gains, though investors should remain cautious of possible short-term corrections.
The post XLM Price 620% Surge Fails To Conquer $0.5 Resistance appeared first on CoinChapter.
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