Stellar Lumen (XLM) is up by more than 2% in the last 24 hours as the broader cryptocurrency market continues its positive start to the week.
XLM, the native coin of the Stellar Lumen blockchain, is up by more than 2% so far today. The coin is currently trading at $0.1124 at press time.
XLM’s performance aligns with that of the broader cryptocurrency market, which is also up by more than 2% in the last 24 hours. However, it has failed to surge past the $0.120 resistance level in recent weeks and could remain there as we head into the last few days of the month.
What is driving Stellar Lumen’s price higher today?
XLM has been performing well over the last 24 hours, aligning with that of the broader cryptocurrency market. It is up by more than 2% in the last 24 hours and is underperforming against Bitcoin and Ether, the two leading cryptocurrencies by market cap.
Bitcoin is up by more than 4% today and is trading above $20k, while Ether has added more than 10% to its value and currently stands at $1,453.
Today, SDF announced a $5 million Enterprise Fund investment in @sendwaveapp, a fast-growing mobile money app introducing simpler, cheaper solutions for users to transact and send money affordably. https://t.co/KTdq2ilcd2
— Stellar (@StellarOrg) October 24, 2022
XLM is not rallying despite the Stellar Development Foundation (SDF) announcing a $5 million Enterprise Fund investment in Wave, an African mobile money app that endeavors to make Africa the first cashless continent.
What’s the outlook for the Stellar Lumen price?
XLM could rally higher over the coming hours despite underperforming against Bitcoin and Ether.
At press time, XLM is trading at $0.1124. However, if the broader cryptocurrency market continues its positive start to the week, XLM could rally toward the $0.120 resistance level before the end of the week.
Stellar Lumen technical analysis
The XLM/USD 4-hour chart is still bearish despite Stellar Lumen performing well over the last 24 hours. The technical indicators show that XLM’s price action is improving.
The MACD line remains below the neutral zone but is slowing moving higher, indicating that the bulls are slowly taking control.
The 14-day relative strength index of 56 also shows that XLM is no longer in the oversold regions and could soar higher soon.
If the bulls remain in charge, XLM could surge past the first major resistance level at $0.1169 before the end of the day.
However, XLM would need the support of the broader crypto market to cross the second major resistance level at $0.120 for the first time in three weeks.