XLM soars to $0.09 as top coins trend green for a second day

By James Gray·9 July 2020·1 min read

Key Points

Smaller cryptocurrencies outpaced Bitcoin over the past few days, capturing trader interest despite Bitcoin hovering around $9,500.
Dogecoin rocketed more than 50% on July 8 alone.

Smaller cryptocurrencies outpaced Bitcoin over the past few days, capturing trader interest despite Bitcoin hovering around $9,500. Dogecoin rocketed more than 50% on July 8 alone. Chainlink and Cardano both surged, though Cardano hit a wall and traders expected near-term pullbacks. The broadening gains in altcoins cost Bitcoin dominance. The cryptocurrency market totaled $276 billion, with Bitcoin at $173 billion representing 62.7%, down from previous levels.

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Nicholas Marten of DataDash noted that altcoins had overcome a key resistance level in the dominance metric, the first occurrence in over two years. Most major cryptocurrencies advanced. Ethereum, Ripple, Litecoin, Bitcoin Cash, EOS, Bitcoin SV, and TRON all posted gains. Cardano and Tezos retreated over the day but kept weekly profits from their tremendous recent rallies.

Stellar dominated the leaderboard of top cryptocurrencies. The token jumped 16% in 24 hours and over 30% in two days. XLM/USD closed in on the $0.1 level, a mark investors monitor.

The move started in late June when buyers appeared at $0.06 and continued climbing until sellers showed up at $0.09. On daily charts, XLM trades above both the 50 and 100-day moving averages with the 200-day average supporting from below. At $0.092, the token must hold ground for bulls to maintain momentum. Weakness would re-attract buyers near $0.06.

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