Stellar Lumen (XLM) is up by greater than 2% within the final 24 hours because the broader cryptocurrency market continues its optimistic begin to the week.
XLM, the native coin of the Stellar Lumen blockchain, is up by greater than 2% up to now immediately. The coin is presently buying and selling at $0.1124 at press time.
XLM’s efficiency aligns with that of the broader cryptocurrency market, which can also be up by greater than 2% within the final 24 hours. Nonetheless, it has did not surge previous the $0.120 resistance degree in current weeks and will stay there as we head into the previous few days of the month.
What’s driving Stellar Lumen’s worth increased immediately?
XLM has been performing effectively during the last 24 hours, aligning with that of the broader cryptocurrency market. It’s up by greater than 2% within the final 24 hours and is underperforming in opposition to Bitcoin and Ether, the 2 main cryptocurrencies by market cap.
Bitcoin is up by greater than 4% immediately and is buying and selling above $20k, whereas Ether has added greater than 10% to its worth and presently stands at $1,453.
Right now, SDF introduced a $5 million Enterprise Fund funding in @sendwaveapp, a fast-growing cell cash app introducing less complicated, cheaper options for customers to transact and ship cash affordably. https://t.co/KTdq2ilcd2
— Stellar | #Meridian2022 | Rome, Italy | Oct 11-13 (@StellarOrg) October 24, 2022
XLM shouldn’t be rallying regardless of the Stellar Growth Basis (SDF) saying a $5 million Enterprise Fund funding in Wave, an African cell cash app that endeavors to make Africa the primary cashless continent.
What’s the outlook for the Stellar Lumen worth?
XLM might rally increased over the approaching hours regardless of underperforming in opposition to Bitcoin and Ether.
At press time, XLM is buying and selling at $0.1124. Nonetheless, if the broader cryptocurrency market continues its optimistic begin to the week, XLM might rally towards the $0.120 resistance degree earlier than the top of the week.
Stellar Lumen technical evaluation
The XLM/USD 4-hour chart continues to be bearish regardless of Stellar Lumen performing effectively during the last 24 hours. The technical indicators present that XLM’s worth motion is enhancing.
The MACD line stays beneath the impartial zone however is slowing shifting increased, indicating that the bulls are slowly taking management.
The 14-day relative energy index of 56 additionally reveals that XLM is not within the oversold areas and will soar increased quickly.
If the bulls stay in cost, XLM might surge previous the primary main resistance degree at $0.1169 earlier than the top of the day.
Nonetheless, XLM would want the help of the broader crypto market to cross the second main resistance degree at $0.120 for the primary time in three weeks.
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