Stellar Lumens is looking good as July 2020 comes to an end. What a way to end this month and it looks like we will flip green in August 2020.
XLM / BTC chart looks very similar to ETH / BTC which is natural since Ethereum is leading indicator for altcoins. Weak Ethereum price action is bearish for altcoins and Stellar Lumens (XLM) is no exception.
Earlier this month, people got very angry when I said that we are due for a correction. Look, correction will always happen whenever there is a huge pump. We went from 750 sats to nearly 1200 sats in matter of 10 days. Naturally, there will be a correction and this is what exactly happened.
$XLM looks great!
People told me “no, we will never see XLM under 1000 sats.”
What do you expect, no correction after such massive pump? pic.twitter.com/pvdsE6R2mQ
— BTC SINGH (@BTCSINGH) July 30, 2020
Next month we will above this meme line and real Stellar run will commence! pic.twitter.com/4MdVHFrcMn
— BTC SINGH (@BTCSINGH) July 25, 2020
XLM / USDT price analysis July 2020
We are currently at resistance – $0.10. Once we cross this, $0.14 is next resistance followed by $0.18. Strong support is at $0.084, $0.7 and $0.67.
If Bitcoin pumps, XLM will go up as well, at least in USD value, but my eyes are on the XLM / BTC pair.
$xlm still hasn’t closed above this cloud. We can still drop to ~0.084 before breaking out of this resistance! pic.twitter.com/Qll2gUykTJ
— BTC SINGH (@BTCSINGH) July 16, 2020
Here is how I think XLM / USD will fare out – sideways action for couple of weeks and then move to upside.