Stellar (XLM) Bulls Gain Strength With 6% Price Jump
- Stellar (XLM) surged 7.43% in the last 24 hours, trading at $0.4356.
- Trading volume increased by 40.10%, reaching $797.86 million.
Stellar (XLM) is trading at $0.4356, reflecting a notable 7.43% surge in the past 24 hours. The cryptocurrencys market cap also rose by 7.43%, reaching $13.24 billion. Meanwhile, its trading volume skyrocketed by 40.10% to $797.86 million. With a fully diluted valuation (FDV) of $21.78 billion, XLMs market-cap ratio stands at 6.02%.
XLM is currently testing key resistance at $0.4400. A breakout above this level could see the price climbing toward $0.4600. Conversely, immediate support lies at $0.4200. If the price falls below this level, it could retrace further to $0.4000.
Whats Next for XLM?
On the technical front, the Relative Strength Index (RSI) is at 56.64, signaling moderate bullish momentum. The RSI average at 51.99 suggests that the trend is gradually gaining strength. However, the current RSI level indicates the market is not yet overbought, leaving room for further upward movement.
The Chaikin Money Flow (CMF) currently stands at 0.13, indicating positive capital inflows. This shows that buyers are gradually dominating the market. Sustained inflows could strengthen the bullish trend further.
Moving averages also support a potential rally. The short-term moving average has crossed above the long-term moving average, forming a bullish crossover. This pattern suggests that buyers are regaining control and could push XLM toward higher levels if momentum persists.
If XLM successfully breaks above $0.4400, the next target will likely be $0.4600, a level that could attract more buyers. On the downside, failure to hold $0.4200 may result in a correction to $0.4000. For now, indicators such as RSI, CMF, and moving averages suggest a cautiously optimistic outlook for XLM.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
