Stellar (XLM) Chart Displays Strength: Can it Breakout and Jump to a Monthly All time High?

Vinod Dsouza

The price of Stellar (XLM) has remained stagnant for close to three months now, with no drastic movements on either side. The coin is trading sideways, and the chart analysis finally displays strength during the second week of November.

In its last 30-trading days, XLM is up just a mere +8.2%. However, the coin seems to be gearing up for a breakout and could possibly reach a new all-time monthly high.

Also, its year-on-year from 2020 to 2021 shows a spike of +369.4% and is positioned well for a jump. Its price in FY21-22 could be on a higher side and shed its current price with no looking back.

XLM has struggled to jump above its weight since the last six months. Despite being slow, the coin has not slumped and remained tightly gripped to its resistance levels. This shows that the coin has valor and can hold on to its resistance despite the crypto market dip.

Not every altcoin in the market is capable of chalking out a path of its own during a market dip. Nonetheless, XLM has not found a path of its own, but the point to remember is that it has not slipped from its path during a dip. The coin remained firm during crisis and only fell back a few points. Its pullback also occurred in similar fashion as it didn’t propel forward in price.

How High Can XLM Go From Here?

Stellar (XLM) at present is trading at $0.37 with a high of +2.26% in the day’s trade. The coin is coming out from its cocoon and tasting the success of a current bull market. If the bull run continues for a whole week and XLM displays similar strength, its price could touch the $0.47 mark and could reach a new monthly all-time high in November, 2021.

Also, its highly unlikely XLM can breach its all-time high (ATH) of $0.87, which it reached on January 3, 2018. The coin is down 56.1% from its ATH and has traded flat and sideways for close to four years.

XLM can test an investor’s patience as the coin does not fully go out in its price. If you consider making quick gains and jumping to another coin for more profits, avoid XLM. However, if you’re looking for the long-term XLM can be a friendly choice, but with caution.

At the time of publishing, XLM was trading at $0.37 and is up +2.26% in the 24-hours day trade.