Stellar Lumens (XLM) has experienced an impressive performance in July, with a remarkable Month-on-Month gain of +60%. This substantial increase has brought relief to long-standing holders who have endured over a year of significant downside moves. The recovery rally has propelled the price of XLM from a rock-bottom $0.075 on June 15 to an impressive local high of $0.17.
One significant factor contributing to Stellar Lumens’ strong performance is Ripple’s success in the SEC lawsuit and the subsequent verdict. This legal win has sparked a frenzy of volume behind XLM, with investors feeling more confident in the cryptocurrency.
When analyzing the technical indicators, it becomes evident that XLM’s recovery rally is supported by moving averages and bullish momentum. The initial bounce on July 13 was triggered by the 20-day moving average (20DMA) and the 200-day moving average (200DMA). The 20DMA remains in an ascendant position, providing localized support to the skyrocketing price level. However, it’s worth noting that XLM’s Relative Strength Index (RSI) is currently at 67, signaling strong bearish divergence. This over-heating suggests the possibility of a minor localized retracement and a period of consolidation.
On the other hand, the Moving Average Convergence Divergence (MACD) remains bullish at 0.00071, indicating that the bullish momentum is still intact. With technical indicators in relatively good shape, the upside potential for XLM is high. A break above the $0.18 price level could open up a significant opportunity for further gains, potentially reaching $0.25 (+52.4%). Moreover, the downside risk is minimized due to a local support area created by the combination of the 20DMA and the $0.135 price level, mitigating any potential downturn (-17.6%). This favorable risk-reward ratio of 2.97 makes buying XLM an enticing opportunity with substantial upside potential.
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An Opportunity to Seize
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Stellar Lumens (XLM) has experienced a strong recovery rally in July, providing relief to long-standing holders. Supported by technical indicators and Ripple’s success, XLM’s upside potential is high. Alongside XLM, BTC20 presents a unique opportunity to be part of a groundbreaking project that combines advanced blockchain technology, staking mechanisms, and the potential for exponential growth. Don’t miss out on this golden opportunity to shape the future of cryptocurrency.