Is Stellar (XLM) ready to break out? – price history

Stellar (XLM) has risen significantly since its low in March 2020. It has grown rapidly in the past two months.

If the uptrend continues, XLM could see a rally similar to the one that led to the big moves in 2018.

This article will compare previous market cycles and see what the current uptrend looks like.

Phong first movement

The first upward movement took place from November 2016 to May 2017. On May 7, 2017, XLM hit an all-time high near $ 0.082. The entire upward move lasted 154 days and was up 5.457%.

This was followed by a longer correction phase, during which it fell by up to 92% over the next 132 days. The drop brought the price to $ 0.006 on September 15, 2017. After XLM created a bullish hammer in the weekly timeframe, XLM initiated an upward move that resulted in another uptrend.

Weekly XLM / USDT Price | Source: TradingView

Current all-time high

The next rise of XLM was even more dramatic. There was a massive 14.956% spike in just 112 days, resulting in an all-time high of about $ 0.92, a price that has yet to be broken.

What followed, however, was a longer correction phase in which XLM lost 97% of its value in 798 days. It stabilized down to $ 0.026 on March 13, 2020 and has increased since then.

Weekly XLM / USDT Price | Source: TradingView

Current movement of XLM

The move since the March low can be broken down into two cycles. The first was a gradual increase that took place over 157 days and was 354%. This was followed by a 50% decline in 70 days, which was down to just $ 0.057 in October 2020.

Since then, XLM has skyrocketed, similar to spiking to an all-time high of 518% in just 71 days. On January 7th, it hit a high of $ 0.41. XLM is currently trading at around $ 0.36.

Daily XLM / USDT Price | Source: TradingView

If the rate of increase continues, it could reach an all-time high in the coming months. On the weekly chart, XLM was rejected from the fib retracement level of 0.382 ($ 0.367) before falling.

After the 0.5 fib retracement level at $ 0.47, which is also a horizontal resistance area, there is almost no resistance above it until the all-time high. In addition, technical indicators are rising, suggesting that XLM is in a long-term uptrend.

Weekly XLM / USDT Price | Source: TradingView

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Beincrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page