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While Bitcoin fights to maintain the $30,000 level, some altcoins are diverging in the process. Those that have reached their yearly highs are fortunate despite the overall decline. Will we see more price increases? Are current prices reasonable for investors?
Stellar (XLM) Coin
Stellar (XLM) price surpassed the 400-day resistance area of $0.13 on July 10th, indicating a new upward trend and reaching the highest level of the year.
Despite the subsequent drop after reaching the year’s highest level, the price movement and indicator readings across multiple time frames suggest that more upward movement is on the horizon. If the price falls below $0.12, it would indicate that the trend is still downward and that the price is reaching new lows.
After experiencing a sharp decline following its all-time high, XLM formed a long upper wick. However, the price continues to stay above the $0.13 area, likely confirming it as a support level.
Should You Buy XLM Coin?
The Weekly Relative Strength Index (RSI) supports the bullish scenario. The Elliott Wave count on the daily timeframe also confirms this. Technical analysts who use the Elliott Wave theory observe long-term price patterns to determine the direction of a trend. The most likely count indicates that the XLM price is in the fourth wave of a five-wave uptrend. If the count is correct, the price has already reached a local bottom and we will soon see it rally towards the $0.23 resistance.
With the completion of the fifth wave, investors will witness the start of a new correction. However, for the bullish outlook to remain valid, the price needs to continue closing above $0.12. Closes below the critical region would indicate the end of the upward trend, and those who have shorted down to $0.09 will be looking for ways to profit.
Investors, wary of the upcoming Fed meeting, indicate that it may not contribute to the overall market sentiment favoring the rise of XLM Coin.
