Stellar Price Prediction as XLM Pumps Up 15% – Here's the Next XLM Target
The price of Stellar (XLM) has dropped by 4.5% in the past 24 hours, sliding to $0.148076 following a 1.5% fall for the cryptocurrency market as a whole.
XLM's fall today mirrors that of XRP, with both altcoins correcting a little after their rallies from a week and a half ago.
Despite its fall today, XLM remains up by 16% in a week and by 63% in the last 30 days, with the altcoin also having risen by just over 100% since the beginning of the year.
And when it finishes its minor correction in the next few days, the cryptocurrency could easily witness further gains, especially with the ongoing expansion of Stellar as a network.
Stellar will likely need some more time before its current correction bottoms out, given that its indicators still remain somewhat elevated.
For example, its 30-day moving average (yellow) is still some distance above its 200-day average (blue), with coins generally rebounding strongly only after the shorter term average has fallen below its longer term counterpart.
Likewise, XLM's relative strength index (purple) has fallen below 50 in the past 24 hours and looks like it's on course to hit or fall below 30, at which point the altcoin may begin to recover.
It's possible that its support level (green) may fail to hold up today, something which would point towards further losses in the coming days.
However, it could be argued that such a correction was entirely necessary, and that when it's over XLM will begin steadily rising again.
It benefitted more than any other coin (besides XRP) from Ripple's partial victory against the SEC, given that it's also used largely for cross-border payments (much like XRP and Ripple).
Because of this victory, Stellar has been provided with more space to continue growing its
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