Stellar (XLM) is currently trading at $ 0.36.
The price is rapidly approaching a new historic high.
The weekly indicators are bullish
Stellar (XLM) price has risen significantly since its low in March 2020. Likewise, it has shown a rapid rise over the past two months.
If the rate of rise is maintained, the XLM could present a rally similar to that which generated massive movements in 2018.
This article will compare previous market cycles in order to compare them to the current uptrend.
First historic summit of Stellar
The first major move takes place between November 2016 and May 2017. On May 7, 2017, the XLM hit an all-time high near $ 0.082. The entire upward movement lasted 154 days, accumulating a gain of 5,457%.
A long corrective period ensued, resulting in a massive 92% drop over 132 days. The decline peaked with a low of $ 0.006 on September 15, 2017. After creating a bullish hammer pattern in the daily data, the XLM began an upward movement which resulted in further bullish price action.
The upward movement that followed was even more substantial in both directions. A massive 14,956% rise in just 112 days has led to an all-time high around $ 0.92. The price has not yet passed this peak.
However, there followed a long period of correction, during which the XLM slowly declined, losing 97% of its value in 798 days. On March 13, 2020, it stabilized at a low of $ 0.026. Since then, it has steadily increased.
The development since the March trough can be divided into two cycles. The first is a gradual increase of 354% over 157 days. This cycle was followed by a 50% 70-day drop, which led to a low of $ 0.057 in October 2020.
Since then, the XLM has been on an accelerated rise, which resembles the move to its all-time high, rising 518% in just 71 days. On January 7 , it hit a high of $ 0.41. XLM is currently trading around $ 0.36.