• Mon. Jun 17th, 2024

Stellar Lumens eyes a breakout as price pumps 8%

  • Stellar Lumens price has been recovering after a double bottom

  • XLM could break out if the Federal Reserve stays dovish

  • The token could correct if sentiment weakens

After several days of meltdown, crypto prices are picking up again. One cryptocurrency gaining bullish strength is Stellar Lumens XLM/USD. The cryptocurrency has gained more than 8% in just 24 hours. A broader look also shows a negligible 0.70% loss in the past week. That’s despite most cryptocurrencies losing value by double digits in the last seven days. 

Stellar Lumens is an open network for money transfers. According to its website, Stellar simplifies the process of creating, transferring, and trading all digital forms of money. That also includes dollars and pesos, in addition to Bitcoin and other cryptocurrencies. The aim of stellar is to allow the global financial system to function on a single network.

The current trading of Stellar Lumens is $0.11. It is a significantly low price since it almost touched $0.8 in May 2021. At the low price, investors see XLM attractive ahead of the Federal Reserve rate decision. Can the price move higher from the current level?

XLM nears a resistance after forming a double bottom at $0.10


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Source – TradingView

A technical outlook of Stellar shows the price heading back to $0.115 resistance after it bottomed at $0.10. A double bottom price at the $0.10 level suggests a trend reversal. Buyers are looking to take the price higher. A MACD crossover also confirms a bullish momentum.

Concluding thoughts

If XLM remains bullish, a breakout will occur at $0.115 and attract more buyers. A less hawkish Fed and improved crypto sentiment will reinforce a breakout. If the sentiment weakens, expect a correction at or towards $0.115.

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