Stellar Lumens (XLM) managed to outperform the market by a wide margin and returned to the top 10 cryptocurrencies by market capitalization
Stellar Lumens has climbed back into the top 10 cryptocurrencies by market capitalization after continuing its upward momentum. XLM recently broke a downtrend and recorded an impressive 255% gain from its low before beginning to consolidate. Although the price rally has since cooled somewhat, XLM still delivered an intraday gain of nearly 30%. That surge allowed XLM to overtake both Chainlink (LINK) and Binance Coin (BNB) in terms of market capitalization.
Over the past week XLM showed a loss of 8.09%. For comparison, Bitcoin (BTC) fell 9.49% and Ethereum (ETH) declined 9.37% over the same period.
At the time of writing, XLM trades around $0.29, a 78.62% increase compared with its value one month earlier.
XLM/USD
Stellar Lumens (XLM) broke out of its retracement after a remarkable price spike that produced a 255% gain in a matter of days. The token sits just below $0.30 and is currently fighting to hold that level. Notably, the cryptocurrency appears to have established strong support around the 21-day moving average and the $0.20 level.
After crossing $0.30, XLM faces a narrow resistance zone, while support is anchored by the 21-day moving average, the 1-hour and 50-hour moving averages, and ultimately the $0.20 price area.
XLM/USD daily price chart. Source: TradingView
On the daily timeframe, XLM’s RSI entered overbought territory at the peak of the rally before easing down again and moving out of that zone. The RSI currently reads 64.26.
XLM/USD 1-hour price chart. Source: TradingView
The hourly chart shows a clear price recovery following the move up toward $0.417. The most recent market upswing encouraged XLM bulls to push prices higher and break the prior downtrend, an effort that succeeded. Even though XLM could resume its prior trend, the descending (black) trendline is likely to act as significant resistance if prices attempt to climb further.