📈 ($XLM ): Bullish momentum is forming amid increased on-chain activity 🌠🚀
Stellar ($XLM ) is making a comeback, driven by rising technical momentum and strong community engagement. The current price at $0.3988 shows an increase of 1.65%, amid technical signals suggesting a potential upcoming breakout of the historical resistance.
🔍 The visible technical pattern
Recent candlestick formations indicate a classic ascending triangle pattern, which is one of the strongest bullish continuation patterns.
The Relative Strength Index (RSI) is trending upward, showing an improvement in internal momentum.
The MACD indicator is approaching a bullish crossover, which enhances the likelihood of a move towards higher levels.
📊 Trading volume and price interaction
The increase in trading volume shows a predominance of green candles over red ones, indicating strong buying interest.
This behavior resembles what happened before strong rallies in cryptocurrencies like Ethereum and Solana, according to analysis from [Investing.com] which shows "strong buy" signals on most technical indicators.
🐋 Whale movements and on-chain indicators
Data indicates a return of whale accumulation, with a decrease in XLM balances on exchanges, and an increase in the number of active wallets.
This boosts confidence in the bullish trend and suggests the market is poised for a significant move.
Stay tuned for upcoming analyses on channel #CryptoEmad