Stellar (XLM) has lost 15.17% of its value in the last 30 days and a significant 13.67% in the past seven days. This bearish outlook might soon be over if history repeats itself in September. Unlike August, which has average negative growth of 6.28%, next month holds promise for investors.
Historical September trends point to Stellar recovery
As per CryptoRank data, Stellar has an average growth rate of 3.08% in the ninth month of the year. In 2024, it closed September with a growth rate of 6.24%. This suggests that if the price of XLM follows the same trend as last year, the current bearish sentiment surrounding the coin could ease off.
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This would mark a shift from the bearish performance that Stellar has posted in the market so far this August. Many investors anticipated the low price outlook, given that in the last 12 years, Stellar has only managed to finish in the green three times.
These were in 2017, 2020 and 2021, respectively. However, the asset has more bullish closings in September compared to August.
Stellar Monthly Performance Chart | Source: CryptoRank
As of this writing, Stellar’s price was trading at $0.3541, representing a 2.62% decline over the last 24 hours.
The coin dropped from an intraday peak of $0.3631 after it failed to find support at $0.40 in earlier trading due to high volume sales and profit-taking. The trading volume has also slipped into the red by 19.04% to $317.43 million.
Stellar bull rally triggers
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If history favors Stellar, the asset could soar to as high as $0.50, riding on the anticipated altcoin season. In addition, the regulatory clarity that came with the Ripple lawsuit for XRP has also positively impacted XLM, driving adoption.
Meanwhile, Stellar’s charts indicate the formation of an inverse head and shoulder pattern. This could signal significant growth for XLM in September.