Is It Too Late to Buy Stellar? XLM Price Blasts Up 12% and This Innovative Startup Can Find the Next Crypto to Explode
Stellar Lumens (XLM) has been undertaking a dramatic +12% comeback as anticipation builds surrounding an upcoming announcement from the Stellar Development Foundation (SDF).
The SDF is a non-profit developers foundation; dedicated to growing and improving the XLM ecosystem towards the ultimate goal of empowering fluidity in the global economy.
Best known for providing the backbone to USDC - XLM has emerged as a leading Layer-1 for stablecoin blockchains, with the network gaining traction amongst payment companies such as Airtm and Bitso.
The sudden +12% move was triggered by a cryptic tweet from the Stellar Lumens twitter account, which catalysed a frenzy of XLM community excitement.
Amid the upside swing, Stellar Lumens is currently trading at a market price of $0.126 (representing a 24-hour change of +1.8%).
This comes following an impressive +16% recovery rally since Sunday (September 3), which saw XLM bounce from double-bottomed support at the $0.10 price level.
The upside swing is a significant strengthening of technical structure, with price smashing back above the 20DMA yesterday (September 4) to establish a new level of supportive footing at $0.12.
With price action now atop the 20DMA, following a welcome golden cross on July 1, upside targeting is now unhinged from moving average resistance.
Despite the upside move, the RSI has yet to overheat - shifting from an oversold signal at 37 to an on-the-fence 51 with the recent push up.
This could trigger a need for a brief consolidation at this level atop the 20DMA, until the RSI cools off sufficiently.
The MACD on the other-hand has flipped bullish on the recent pump, now signalling bullish divergence at 0.000845.
Overall, XLM looks strong here, with solid support established
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