Stellar (XLM) has surged more than 9% in the past 24 hours, reaching a high of $0.308 in Wednesday’s early trading session. At the time of writing, XLM is trading at $0.30, marking a 7.43% increase, surpassing XRP’s 6.43% gain in the same period. This uptick in XLM’s price coincides with a broader cryptocurrency market recovery, with Bitcoin reclaiming the crucial $90,000 milestone.
XLM Gains Momentum in the Crypto Rebound
XLM’s price movement has historically been closely linked with XRP, often mirroring its fluctuations. However, recent market trends suggest a slight decoupling, with Stellar occasionally outpacing XRP in gains. Over the weekend, XRP saw an impressive 35% rally following the announcement of a crypto strategic reserve that included major assets like XRP, ADA, SOL, BTC, and ETH. Meanwhile, XLM recorded a 13% increase, trailing behind its long-time counterpart.
Following a market-wide crash that led to over $1 billion in liquidations, XLM dropped from a high of $0.361 to $0.289 before recovering. The recent rebound has continued, with traders closely monitoring resistance levels to determine whether XLM can sustain its upward trajectory.
Key Technical Levels and Future Outlook
XLM is currently trading between its 50-day and 200-day moving averages, positioned at $0.363 and $0.258, respectively. A decisive breakout above the 50-day SMA could pave the way for price targets at $0.51 and $0.63, while a decline below the 200-day SMA may signal further downside.
Notably, crypto analyst Ali suggests that XLM could be setting up for a massive 300% rally if it successfully breaks out of a symmetrical triangle pattern. If bullish momentum persists, Stellar may attract increased investor interest, potentially outperforming XRP in the short term.
Also Read: Stellar (XLM) Price Drops 24.6%—Will $0.26 Support Hold or Crash to $0.22?
As the crypto market continues its recovery, all eyes are on XLM’s ability to maintain its gains and challenge key resistance levels. With market dynamics shifting, traders remain optimistic about Stellar’s potential in the coming weeks.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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