The value of Stellar Lumens has had a phenomenal start to October. The price was slightly lower earlier, but it’s performed well this month and is now looking forward to those gains going into November.
The price of XLM has been stuck below a crucial barrier for months, but this is all set to change soon. As Stellar coils up in preparation for an explosive breakout on the horizon, its value could skyrocket even higher than before.
The value of stellar has recently seen a significant increase, currently trading near $0.40 per XLM token. Lately, there have been signs that suggest the price is approaching a vital supply zone ranging from $0.39 to 0.43 dollars, with this being shown by its current high in October, which was just under 50%.
XLM Price Forecast
The selling pressure for Stellar Lumens is starting to weigh on as the Bitcoin price continues its upward trajectory. At $0.42, we’ll see if this level will act as resistance or support and make room for more gains in our blockchain-based currency’s value.
It’s been a while since we’ve seen the price of Stellar make such a fantastic comeback. It currently stands on borrowed time, with suppliers retesting resistance levels to see if they can find new cracks for this currency to recover and gain momentum.
Furthermore, the recent deals with the Canadian central bank and Moneygram may be a headwind for Lumens. Signing these contracts only removes potential adoption from their current financial system, which will likely lead future investors to pull out too soon if they want any of those profits themselves.
The long-term outlook for XLM is highly positive, with the advancement of new technologies integrations. Regardless if there are some short-term setbacks or not enough positivity around its price action in recent weeks – a failure to push through the $0.39-$0.43 supply area will likely signal weakness among bulls who have been betting on higher levels.
Despite this, If the selling pressure continues and XLM price reaches a decisive close below $0.36, it will create a critical lower low, invalidating any bullish thesis that has been built up in anticipation of this event.
At the time of writing, XLM had traded at $0.345 per coin, which slightly decreased from its all-time high reached in September. This decline could cause some investors to worry about future price movements, but there are hopes that this cryptocurrency will keep up its streak of higher highs.
However, The momentum is on the XLM side. An upward push from this confluence can allow it to maintain its streak of higher highs and topple levels seen during September’s bull run.