RATE Group | Stellar Cryptocurrency’s 190 Percent Rally Could Fizzle; Here’s Why
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Stellar Cryptocurrency’s 190 Percent Rally Could Fizzle; Here’s Why

29 Apr Stellar Cryptocurrency’s 190 Percent Rally Could Fizzle; Here’s Why

Posted at 03:19h in Cryptocurrency News by

  • Stellar Lumens’ native cryptocurrency, XLM, hit a fresh local high, up more than 190 percent in just one month.
  • The extraordinary price rally lacks concrete market fundamentals and relies more on macro crypto trends.
  • XLM reversed after testing a long-term resistance area, hinting it could extend its pullback move as investors shift their focus on Bitcoin ahead of its mining reward halving.

XLM, the native cryptocurrency of Stellar Lumens, rose to $0.0723 early on Tuesday to establish its highest peak since February 25.

The gains came as a part of a wider rebound that started late last March after the XLM price crashed 69 percent in just eight days. At its lowest on March 13, the Stellar cryptocurrency was trading at $0.024. Nevertheless, the newfound bottom created buying opportunities that eventually took the XLM price to its Tuesday top, up 190 percent.

Why Stellar Surged by 190%

Stellar’s move was purely technical. The cryptocurrency during its recovery remained under the…

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