- Stellar (XLM) has surged 11.94% in the past 24 hours, pushing its price to $0.4751 and surpassing SUI, with a market cap of $14.46 billion.
- Technical indicators suggest the cryptocurrency could see further gains, with key resistance levels at $0.681 and $1.2918, signaling continued upward momentum.
Stellar (XLM) has been on an impressive upward trajectory recently, gaining 11.94% in just 24 hours. With its price now reaching $0.4751, many are wondering if this surge can continue, with potential resistance levels looming ahead. In this article, we explore what’s driving Stellar’s growth and whether it has the potential to hit $0.681 and beyond.
Stellar’s Strong Performance in the Market
Over the past 24 hours, Stellar’s price has seen a substantial increase, accompanied by impressive trading volume of $906.76 million. This surge has brought its market capitalization to a hefty $14.46 billion, allowing it to surpass the performance of SUI and cement its position as one of the top performers in the crypto space.
The past week has also shown significant growth, with XLM up 10.38%. This uptick is a part of broader momentum in the altcoin market, with Stellar standing out as one of the strongest assets among its peers. With a circulating supply of 30 billion tokens, XLM has caught the attention of both traders and investors alike.
Key Resistance Levels to Watch
According to technical analysis, Stellar’s price is eyeing key resistance levels, with $0.681 being the next significant target. This represents a 54% increase from its current price, and a breakout above this level could pave the way for further gains. Beyond $0.681, the next resistance zone is at $1.2918, where significant upward potential could emerge.
The breakout from a falling wedge pattern that began in 2021 has been a critical driver of this momentum. As XLM establishes higher highs and higher lows, it signals a trend reversal that could continue pushing the asset higher.
Technical Indicators Show Positive Momentum
Several technical indicators suggest that Stellar’s bullish outlook is likely to persist. The Chaikin Money Flow (CMF) currently stands at -0.10, showing mild capital outflows. However, the trend points to stabilizing conditions, with easing selling pressure potentially leading to increased buying activity.
The Moving Average Convergence Divergence (MACD) indicator also confirms this positive momentum. The MACD line is moving above the signal line, and the histogram shows green bars, which reflect growing upward momentum. These indicators collectively suggest that Stellar’s upward trend is gaining strength.
Can Stellar Continue Its Ascent?
Stellar’s recent rally, combined with the strong technical indicators and increasing trading activity, makes it one of the most exciting assets in the altcoin market. As XLM approaches key resistance levels, it will be interesting to see if it can maintain its upward momentum. A decisive move above these levels could reinforce Stellar’s position as a leading asset in the cryptocurrency market, potentially setting the stage for even higher prices in the near future.
