The crypto market started the day with a 1.47% uptick, pushing the total market cap to $3.73 trillion. While major assets show mixed performance, with some in green and others in red, Bitcoin (BTC) and Ethereum (ETH) are holding at $114.2K and $3.5K, respectively. Among the top gainers, Stellar (XLM) stands out with a 10.1% increase.
Stellar (XLM) has tested its key resistance levels between $0.4196 and $0.4276, signaling bullish momentum. The asset hit a low of $0.3791 earlier but has since climbed to $0.4184, driven by strong bullish support. If this upward trend continues, the price could see further gains.
According to CoinMarketCap data, the Stellar (XLM) is trading around $0.4184, with a market cap of $13.07 billion. The asset’s daily trading volume has jumped by over 58%, reaching $527.53 million. Meanwhile, Coinglass reports $870,000 worth of Stellar liquidations in the past 24 hours.
Is Stellar Gearing Up for a Bullish Comeback?
If bearish sentiment continues to dominate, Stellar (XLM) could see its price drop to the nearest support level at $0.4011. A breakdown below this support could signal further declines, with the price potentially falling to $0.3945. This downward momentum may be exacerbated by the formation of a death cross, a bearish technical indicator that occurs when the 50-day moving average crosses below the 200-day moving average.
However, if bullish momentum returns to the XLM market, the price could rebound and test the $0.4274 resistance level. Breaking and maintaining momentum above this resistance could open the door for more gains, potentially pushing Stellar above $0.433. A sustained rally could also lead to the formation of a golden cross, a bullish signal where the 50-day moving average crosses above the 200-day moving average, indicating a potential long-term uptrend.
Moreover, Stellar’s daily Relative Strength Index (RSI) currently sits at 74.62, indicating bullish momentum and the potential for an early uptrend. With capital flowing into the asset, XLM appears poised for further gains, signaling positive price movement ahead.
Also Read: Dogecoin (DOGE) and Cardano (ADA) Drop 5%: Is the Bear Market Here?
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
