Will Stellar’s 55 Billion XLM Burn Trigger a New Bull Cycle?
Cointelegraph By Michael van de Poppe's original article for cointelegraph.com reduced by 53%
In order to conclude that this XLM is moving out of its downtrend the altcoin first has to break the 23-month downtrend to the upside and start creating higher highs and higher lows on higher time frames. As XLM surged, the daily candle printed an all-time high volume candle on Bitfinex. The range high can be found at $0.13 on the daily timeframe and if XLM is strong enough to rally towards $0.13, the downtrend on the weekly timeframe will be breached for the first time in 23 months.
During the 2017 mania, a few high volume price spikes took place on XLM but these spikes always retraced to levels below 800 satoshis. The recent price movements pushed XLM to the range highs it was not able to break through the upside. If XLM is able to hold that level for support and the altcoin can move towards the resistance again, it's likely to see a breakout to the upside in which the levels of 1230-1250 and 1500-1550 sats are potential resistances zones.
Within the cryptocurrency market, groups of coins tend to move together and one of these groups can be found through XLM and XRP. Given that XLM is showing potential bottoming signals, traders might keep an eye on XRP as well.
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Summarised crypto news.