Stellar Lumens continues its push towards all-time highs this Monday, following a resurgence of altcoins and a drop in Bitcoin dominance.
As Bitcoin falters around $58,000, several altcoins are surging to new highs. Stellar Lumens is seeing new interest on the back of several interesting partnerships formed by the asset’s project founders. VISA and Samsung are some of the projects that XLM has been linked to.
However, the push beyond today’s new record high of 0.7800 has stalled after the Binance exchange suspended withdrawals a few minutes ago, citing large withdrawal volumes. XLM is said to be the 3rd most held cryptocurrency on Coinbase exchange. XLM is up nearly 15% on the day in its pairing with Tether.
Technical Outlook for Stellar Lumens
The 4-hour chart reveals a break of the bullish flag’s upper border, thus confirming the pattern. This move also took out the 0.68891 resistance and hit the 0.7800 price level, thus completing the measured move from the pattern. The pullback currently in progress
could retest the 0.68891 price mark, now acting as a support. If it fails to hold, we may see a further dip towards 0.6000 initially, then 0,56759 if the decline continues.
On the other hand, a bounce at 0.68891 allows Stellar Lumens to resume the uptrend, with a break of 0.7800 pushing open the pathway towards the 0.8000 psychological resistance, as traders look forward to a potential push towards the $1 mark.