Stellar Lumens Strong Growth Continues

Stellar Lumens Strong Growth Continues

Stellar Lumens found the bottom on the 29th of June, when it hit the $0.17 low. Then price has consolidated for nearly two weeks and since 12th of July price started to move up sharply. In less than a week Stellar gained over 60% against the USD and currently trading at $0.3.

XLM/USD already broke the 23.6% and 38.2% Fibonacci resistance levels, along with the 200 Moving Average and the extended ascending channel. So far all the facts are in favor of the uptrend continuation and Stellar could go up to $0.4 resistance.

Although short term trend is upwards, price still could retrace back to one of the Fibonacci support levels. But, when/if the upside target is reached, it would be important to watch price action near that level. Break above should confirm the trend reversal, where the long term uptrend might start. On the other hand, rejection could result in a continuation of the already established downtrend.

 

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