Stellar price has increased considerably since it reached a low in March 2020, up to $ 0.36
Stellar price has increased significantly since hitting lows in March 2020. Over the past two months, XLM has grown at a remarkable rate.
XLM/USD 4-hour chart | Source: TradingView
Stellar price is currently trading at $ 0.36, quickly a new yearly high
If the rate of increase continues, XLM could experience a similar price spike that led to big moves in 2018.
The first major bull move took place from November 2016 to May 2017. On May 7, 2017, XLM hit an all-time high of nearly $ 0.082. The whole bullish move lasted 154 days and increased 5,457%.
This was followed by an extended period of correction, in which it fell 92% over the next 132 days. The decline peaked at $ 0.006 on September 15, 2017. After creating a bull hammer on the daily timeframe, XLM initiated a bullish move leading to further upside price action.
XLM’s next move upwards has even more consequences in both directions. There was a massive 14.956% gain in just 112 days leading to an all-time high of around $ 0.92, a price that has yet to be broken.
What followed, however, was an extended period of correction, during which the XLM slowly disappeared and lost 97% of its value in 798 days. On March 13, 2020, it stabilized at as low as $ 0.026 but has risen since then.
The move from the low in March can be split into two cycles. The first time a gradual increase took place over 157 days and measured 354%. This is followed by a 50% drop over the past 70 days, leading to a low of $ 0.057 in October 2020.
Since then, XLM is on a rapid rise, similar to stepping to an all-time high, up 518% in just 71 days. On Jan. 7, it touched as high as $ 0.41. XLM is currently trading around $ 0.36.
If the rate of increase continues, it could hit all-time highs in the coming months. Furthermore, the technical indicators are increasing, showing that XLM is in a long term uptrend.
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