Is XLM Ready For Another Move Up?

• Stellar Lumens Price Retraces Slightly From Aug 1 High
• XLM seems ready to restart ascent
• New SEC Chair Gensler speech still filtering in markets

After having reached an impressive five weekly high of $0.30 on Aug 1, the Stellar Lumens price retreated slightly lately and is currently settled at around the $0.26-$0.27 level. That is an 11% downturn from the Aug 1 peak but is still a huge 30% rise from its July 20 low of $0.20.

Buyers are once again in the market for XLM and there is room for the price to continue growing. As with all crypto, the market is currently still digesting the major elements of new SEC Chair Gary Gensler speech on possible upcoming crypto regulation. However, so far, the reaction has been quite muted.

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Short Term Prediction For Stellar Lumens Price: More Room On The Upside?

As already indicated, the Stellar Lumens price had an 11% retracement from the Aug 1 high of $0.30. This was broadly in line with other large cryptos such as BTC and ETH but Stellar seems primed for a quick rebound. After all, it is still in an ascending triangle after the massive move from July 20 with a 30% rise.

Although a breakout had been contemplated on Aug 1, the price went into reverse and settles at around $0.27 at present. However, the ascending triangle formation is still well on course and another attempt for a bullish breakout should be made sooner rather than later.

If the bullish thesis is confirmed then XLM should regain the $0.30 mark and make another move towards the resistance level of $0.32. That would be an increase of 15% over the current price.

If a bearish scenario takes over, the Stellar Lumens price would probably descend to the $0.25 mark where it should find support. A sell off could push the price further down to the $0.22 level which would represent a 20% correction. That scenario does look unlikely however especially with buying interest once again in the market.

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Long Term Forecast For XLM: Looking To Regain Lost Ground

Stellar Lumens was one of the cryptos which lost more than 60% from its all time high in late April so the current price is rather below expectations. However, it seems that there are the green shoots of a recovery on the way especially since July 22.

With the crypto market in general still digesting the implications of the Gensler speech, the future is uncertain. There are long term positives for more regulation in crypto but as always the market’s reaction is slightly unpredictable. Long term forecasts have Stellar once again regaining the $0.40 level by end September and even the $0.90 mark by end of year.

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