Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• Price rebound from key price level maintained XLM’s upward momentum.
• Open Interest registered a 38.9% increase over the past 24 hours.

Bitcoin [BTC] jumped from $29.2k to $29.6k over the past 24 hours, jumpstarting a wave of decent gains across the market. Earlier, Stellar Lumens’ [XLM] 44% price pump between 18 July and 20 July fell into a deep retracement after a price rejection at the $0.180 price level.

Is your portfolio green? Check out the Stellar Lumens Profit Calculator

However, a 15% rebound from the $0.140 price level maintained XLM’s upward momentum. This pushed Stellar Lumens into the top 20 trending tokens on Coin Market Cap. Are there more gains ahead for XLM?

Bulls rebound from key level to maintain momentum

The sharp rise of the Relative Strength Index (RSI) from the neutral 50 mark showed the influx of new demand for XLM. This was also echoed by the On Balance Volume (OBV) registering a decent uptick in trading volume. Together, they highlighted strong buying pressure and rising volume flow.

Placing the Fibonacci retracement tool (yellow) between the recent swing low (17 July) and high (20 July) revealed the bullish intent. It showed that the bearish retracement waned close to the 73.6% Fib level ($0.136) allowing bulls the opportunity to rally.

As of press time, XLM traded at $0.160, just above the 38.2% Fib level ($0.159). Near-term b

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Author: Suzuki Shillsalot

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