Stellar lumens price has not been left behind by the ongoing cryptocurrencies rally. The XLM price has risen by 27% in the past 7 days and by 5% in the past 24 hours. This trend has brought its total market cap to more than $9.56 billion, making it the tenth-largest cryptocurrency in the world. It is trading at $0.43, which is close to the all-time high of $0.45.
What is Stellar? Stellar is a fast-growing open network for storing and moving money around the world. Stellar lumens is the native currency used to support digital representations of any currency.
By default, Stellar requires users to have some lumens to create a barrier to entry and prevent spam. The minimum balance in the network is 1 lumen while the minimum per-transaction is 0.00001 lumen. In the past few months, the number of Stellar accounts has continued to rise, which has helped boost the lumens price.
Stellar price technical outlook
In my previous update, I wrote that $0.40 was the level to watch. In another report, I noted that XLM was extremely bullish above $0.41. These two predictions turned out to be accurate and were backed by the bullish pennant and flags, respectively.
Now, the Stellar lumens price has continued to rise and is being supported by the short and longer-term moving averages and the MACD. Also, the Relative Strength Index (RSI) has moved above the overbought level of 74. But it is not yet extremely overbought.
Therefore, there is a likelihood that the price will continue rallying as bulls attempt to move above $0.45. A drop back to the previous bullish flag will invalidate this trend.
XLM price chart