Stellar lumens (XLM) has been a late entrant in the current cryptocurrency rally. However, in the past 3 to 4 days, it has rallied quite significantly. When you look at the performance of Stellar lumens (XLM), today itself, you will realize that it is up by 12.99%. It makes it one of the best cryptocurrency performers on an intraday basis.
Currently, it is trading around $ 0.1360. We will look at the performance of Stellar lumens (XLM) in the past seven days and try to understand if it can rise even further or not.
Stellar lumens adds another 12% to its tally:
Currently, stellar lumens (XLM) is trading around $ 0.1360. It is high by 12.99%. It was trading around $ 0.0908 at the start of the week. In a matter of just seven days, it has risen by around 49%. It indicates that even though it has been a late entrant to the rally, but it is surging at a pretty fast pace. The question which arises is how high can it go from the current levels. For this, it is essential to look at the resistance and support levels before going any further.
Nearest resistance levels:
The closest resistance level for stellar lumens (XLM) is $ 0.1387. Only once it can cross that level, it can head to $ 0.1680. That is why, if you currently have a position in Stellar lumens or want to keep a watch on it for investing, it is essential to look at this resistance level. On the lower side, there is support around $ 0.1030. After that, there is another support of around $ 0.097. It indicates that on the downside, there are multiple support levels. However, the support levels are away from the current price.
Fundamental front:
On the fundamental front, a lot seems to be working for stellar lumens (XLM). IBM is using its blockchain to provide banking and financial products. It is one of the significant triggers which can propel it even higher. Moreover, the macroeconomic factors and the rally in cryptocurrencies can move it even higher.
Due to this very reason, after its current tally of 12%, it can easily add more. However, you should keep a watch on the resistance levels to find out whether the rally will stall or whether it can grow beyond the resistance level and move even higher. The current momentum is likely to stay as long as the broad-based cryptocurrency rally continues.
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