Stellar price has been in a tight range lately even as the other altcoins rebound. The XLM price is trading at $ 0.3775, up about 86% from its July low. The coin has barely moved in the past few days. It has a market capitalization of more than $ 8.8 billion and is the 20th largest coin in the world.
XLM rally breaks
The price of Stellar Lumens rose to an all-time high of $ 0.8015 in May this year. Like all other cryptocurrencies, the price saw a sharp pullback in July, with the price dropping to $ 0.228. Recently, however, the coin has rallied modestly as investors cheer rumors that the Stellar Development Foundation is in talks to acquire MoneyGram. These rumors have yet to be confirmed.
Another key catalyst was that Bitso, a leading LATAM exchange, recently started implementing Stellar USDC for its clients.
The XLM price has also rallied due to the general upward movement of other cryptocurrencies. This rally took place as more traders switched to cryptocurrencies. In fact, the prices of other coins have increased significantly, with Bitcoin climbing to more than $ 50,000. Ethereum has also surged over $ 3,300, while the total market capitalization of all cryptocurrencies tracked by CoinMarketCap has surged to more than $ 2.145 billion.
Meanwhile, there are reports that a large XLM investor has transferred more than $ 109 million to Coinbase. The transfer was spotted by Whale Alert, a leading cryptocurrency bot.
Stellar price prediction
The daily chart shows that XLM price has formed a double bottom pattern just below $ 0.200. In price action, a double bottom pattern is usually a bullish pattern. Another signal was shown on the MACD, the two lines of which have been moving in bullish momentum. The 25- and 50-day moving averages have also made a bullish crossover. When this happens, the next key value to watch is the resistance at $ 0.50. On the flip side, a break below the $ 0.30 support will invalidate this view.