Stellar was a notable exception among the largest 25 cryptocurrencies in July.
This cryptocurrency was able to demonstrate significant growth, despite the fact that most of the altcoins that failed to do so. Only thanks to the news about a possible listing on Coinbase, the price of XLM increased by 13 percent.
But this event became the catalyst and the key role played by a chain of events that happened before.
In recent months more and more startups working on the model of funding the ICO, including Kik messenger, began to use the technology is Stellar. Also not to mention the contribution of developers who intend to implement support for lightning network before the end of this year.
Not surprisingly, amid all these Stellar events even managed to displace Litecoin with sixth place in the cryptocurrency ranking.
Also read – What is better: Stellar or Litecoin?
- Monthly increase: +40%
- Record price: 0.90 USD
- Closing price 30 June: 0.19 US dollar
- Current market price: 0.28 dollar
- Place in ranking: 6
The price of XLM began to grow on July 13 (following the news about Coinbase), reaching a monthly maximum at about 0.36 USD. Thus, the price of this cryptocurrency in just 12 days increased by more than 90%.
However, during the last week of July the price of XLM gone down, the drop was 11%. But even given this decline, the monthly growth of about 40%.
The price has closed above a two-month downward trend line (yellow) on 14 July. This was a clear bullish signal. Then the price continued to rise and crossed the level of 200-day exponential moving average to the Fibonacci level of 0.618 (relative to the may high around 0.47 U.S. dollar). The maximum price reached after 25 July at the level of 0,36 USD.
The combination of resistance proved too strong, as the price failed to consolidate above this level. Bearish divergence evident in the daily RSI. The price has fallen 24 percent, where it is still.
Only a close (on the daily chart) below long-term trend line (blue) would indicate a resumption of the bearish trend (to the level of Fibonacci 0.236, in the area 0.23 US dollar). On the other hand, a rebound from this trendline can serve as a starting test level of 0.36$.