• XLM enjoys 40% upside after finding favor with the bulls.
• Stellar’s long-term growth plans offer a ray of hope against the potential downside.

The Stellar blockchain has been living in the shadows of its bigger brothers such as Bitcoin and Ethereum. Despite that, its native crypto XLM has been raising the heat for the last two weeks as the bulls made a comeback.

Is your portfolio green? Check out the XLM Profit Calculator

Let’s break down XLM’s recent impressive performance. It bottomed out at $0.075 in mid-June after a bearish phase that started in March. The recent rally pushed the price up by as much as 40%, making XLM one of the best performing coins among the top cryptos by marketcap. It exchanged hands at $0.10 at the time of writing.

A closer look at XLM’s current price level reveals that it was deeply overbought according to the RSI. As such, we will likely witness some profit-taking, hence more sell pressure can be expected within the next few days. It already delivered some sell pressure within the last 24 hours.

Is there more sell pressure to come?

Trader psychology may offer insights into what to expect. If whales are looking to take profit soon, they will do so when retail participation soars so they can secure enough exit liquidity. Interestingly, Stellar’s social dominance metric just registered a large spike to 6-month highs in the last 24 hours.

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Author: Michael Nderitu

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