• Stellar Lumens [XLM] has seen a strong bullish rally, with the $0.096 level flipped to support on 7 July.
• The 1-day chart has shown strong bullish momentum backed by high trading volume and a lower high in XLM’s downtrend last year.
• The lower timeframe chart suggests some consolidation or pullback in the near future.
Stellar Lumens Rally
Stellar Lumens (XLM) have experienced an impressive bull run, with the $0.096 level flipping to support on 7 July and sparking a vertical rally. This was accompanied by high trading volume which indicates significant demand for the token and strong bullish intent.
Higher Timeframe Outlook
The higher timeframe market structure and trend favor Stellar Lumens bulls, as evidenced by the formation of a higher low at $0.124 on 17 July followed by another move higher. The Relative Strength Index (RSI) shows strong bullish momentum while the On Balance Volume (OBV) continues to climb higher.
Lower Timeframe Analysis
The 1-hour chart indicates that there may be some consolidation or pullback in the near future, as Open Interest has declined over the past three days and Spot CVD has fallen since 20 July while prices remain around $0.16 mark.
Support Level Flipped
The most important resistance level from late April was flipped to support earlier this month; this gave further confirmation of the bullishness of Stellar Lumens‘ market structure and trend going forward into 2021/22/23/24/25 etc..
Conclusion
Overall, Stellar Lumens is showing signs of potential price growth over the coming weeks or months due to its strong technical indicators across both higher and lower timeframes charts combined with flipping key resistance levels into supports recently – giving more indication that XLM could rally another 40%.