Stellar Lumens (XLM) News – Will Stellar Lumens XLM breakeven for the year anytime soon?

Spread the love

If you have been looking at the intraday performance of Stellar lumens (XLM), you might think that it is one of the best cryptocurrency performers in recent times. However, when you look at a slightly longer-term picture, you will realize otherwise. Today, Stellar lumens (XLM) is trading around $ 0.0998. It is up by 7.52%. Most of the other mainstream cryptocurrencies have risen today as well. That is why it is just following the trend. However, when you look at Stellar lumens (XLM) performance year-to-date, you will realize that it provides negative returns year-to-date. That is why even the investors who invested at the start of this year are not making any money. It prompts the question will Stellar lumens (XLM) breakeven for this year anytime soon?

Will Stellar Lumens XLM breakeven for the year anytime soon?

At the start of this year, Stellar lumens (XLM) was trading around $ 0.112. Currently, it is trading around $ 0.099. In a matter of 4 1/2 months, it has lost 11%. Even after today’s rally, it is down by 11%. Due to this very reason, the performance of stellar lumens (XLM) has been lacklustre, to say the least.

What are the next expected levels?

Naturally, many of the investors are trying to figure out when it will recover and breakeven for the year. Currently, the resistance for stellar lumens (XLM) is around $ 0.102. If it manages to cross that, it can head to levels of $ 0.1171. In order to break even, it has to rise past $ 0.119 which it will manage to do if it crosses the resistance of $ 0.1171. The two immediate resistances are the levels to watch out for if you’re an investor in Stellar lumens (XLM). On the lower side, the levels of $ 0.090 is the support for stellar lumens. Only when it can cross that support, it can continue its rally. If the support is broken, it can head all the way down to $ 0.0755. That is why, if you’re a current investor it is better to keep a watch on the support and resistance levels.

Can it get support from macroeconomic factors?

The rally in Stellar lumens (XLM) is broadly based on the macro factors this time around. Even though the fundamentals of Stellar lumens (XLM) are improving as well, but the current rally is due to the macro factors. Bitcoin (BTC) is leading this rally. Only when it gets support from the macro factors in the long term like in the next 2 to 3 months, it can breakeven for the current year. It is still 11% away from the levels from which it can break even. Owing to this very reason, it needs the support of a broad-based rally to clear those levels.

Instead of leading by today’s move in Stellar lumens (XLM), it would be a good idea to find out whether it can clear the resistances we mentioned above or not. Only when it is able to do so, can the rally be sustained.

About Manish 352 Articles
I am an avid crypto lover and a electronics & telecommunications engineer by qualification. I follow the cryptocurrency & blockchain industry closely to focus on the latest news & developments.

Be the first to comment

Leave a Reply

Your email address will not be published.