Stellar Lumens (XLM) has enjoyed a strong performance in July, with a total Month-on-Month gain of +60%, emboldening the ranks of long-standing holders.
In the midst of what could be described as a ‘recovery rally’ move, Stellar Lumens has seen two-months of strong upside momentum, carrying price from a rock-bottom $0.075 on June 15 to an impressive local high of $0.17.
XLM Price Analysis: Stellar Lumens Recovery Rally Continues to Push Up
The upside momentum has left XLM trading high, with a current price of $0.16 (a 24-hour change of +2.17%).
Recovery moves come following over a year of significant downside moves from XLM, giving much needed relief to Stellar holders, as price resumes similar levels to Spring 2022.
Ripple’s strong performance in the SEC lawsuit and the ensuing verdict, have ignited a frenzy of volume behind XLM – with investors emboldened by the legal win.
Moving averages have given the recovery rally strong technical under-footing, with the initial bounce on July 13 launching off the 20DMA and 200DMA.
In an impressive technical display, the 20DMA remains ascendent, providing localized support to the skyrocketing price level.
However, XLM’s RSI could be ringing the alarms, with a significant over-heating to 67 signaling strong bearish divergence as XLM’s price structure becomes technically over-bought.
This could signal the need for a minor localised retracement and period of consolidation after the dramatic move.
Yet, the MACD remains bullish still at 0.00071 – showcasing bullish momentum continuing to back-up the upside swing.
With technical form appearing in good health, upside potential is high, a break up above the $0.18 price level would see a significant opportunity to leg-up to $0.25 (+52.4%).
And downside risk here is minimized, with a local support area from a combined 20DMA and $0.135 price level mitigating any downturn (-17.6%).
This leaves XLM with an emboldened risk: reward of 2.97, an alluring entry characterized by substantial upside potential, suggesting that it is not too late to buy XLM.
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