XLM has emerged as the strongest competitor to the XRP cryptocurrency but with a lesser market capitalization and value. XLM ranks at 21st position among the cryptocurrencies with a decent market cap of $8.5 billion.
Developed by an ex-Ripple, Jed McCaleb, Stellar has raked in massive success in terms of its growth as a payment solution because of its cheaper transaction cost that is barely close to 0.0001 the value of one XLM coin.
XLM Eyes Breakout Above 200 DMA
XLM has till now suffered multiple rejections close to the 200 DMA. XLM is taking another attempt to become trending by breaching the resistance of 200 DMA. This level has been a disaster for the buyers so far, but breaching it could bring a strong buying sentiment. Click here to read more about Stellar Price Prediction.
For XLM, the 200 DMA level has become the source of the biggest disappointment as buyers are turning to sell their holdings. On the other hand, since the 200 DMA curve has been slowly falling in recent days, it might get easier for XLM holders to see their holdings above the 200 DMA curve within a short span of time. The dips are also decreasing in terms of intensity, hitting a higher low with each swing. However, consistent rejection near 200 DMA might continue for a maximum of a month.
By the end of October 2021, the 200 DMA level will fall, and it will become more accessible for XLM to become trending again. RSI has taken a revival and currently rakes at 61, close to the overbought zones or extreme bullish indicator. $0.300 has emerged as a new support level for the short term, while $0.20 is long-term solid support.
