Stellar is trading at $0.46, marking an increase of over 15%.
The daily trading volume of XLM has significantly increased by 259%.
The volatile cryptocurrency market has seen an attempt to recover, as assets push their prices to regain recent highs. Notably, major assets like Bitcoin and Ethereum are trading in an upward trend. Among the altcoin group, Stellar (XLM) has emerged as one of the biggest gainers, achieving a strong increase of 15.35% over the past 24 hours.
t-26/ t-28/ t-30/ t-32/c-33/
c-46/
c-14/
In the early hours of trading, Stellar was traded at a low range of $0.4005. After testing and breaking through resistance levels between $0.4010 and $0.4669, the asset rose to a high of $0.4674. As it approaches the next critical resistance, bulls may open the door for further gains.
As of this report, Stellar is trading at around $0.4641, with a market cap of $14.48 billion, according to CMC data. Daily trading volume has surged sharply by over 259% to reach $1.03 billion. Meanwhile, the market has seen a liquidation of $1.70 million of XLM during this period.
How far could Stellar's price go from here?
The latest hourly chart for the XLM/USDT pair shows that the price may extend its gains towards the range of $0.4647. As the upward correction continues, the asset may break through its critical resistance level and test the $0.4653 level. Any shift in market direction could cause Stellar to relinquish its gains. The price may immediately drop below the support level at $0.4635. Ongoing downward correction from this range may push the price down to $0.4629 or lower.
XLM chart (Source: TradingView)
Stellar's Moving Average Convergence Divergence (MACD) line has crossed above the signal line. This is a bullish crossover, indicating upward momentum. The asset's price may continue to rise if this trend continues. Additionally, the Chaikin Money Flow (CMF) indicator at 0.22 indicates strong buying pressure in the market. Since the value is above zero, it suggests a flow of money into the asset, likely supporting the bullish trend.
The stability of the daily Relative Strength Index (RSI) at 76.16 indicates that the asset is in the overbought territory. This often suggests the likelihood of a pullback or consolidation. Furthermore, the reading of the Bull Bear Power (BBP) indicator for Stellar at 0.0673 indicates a slight improvement, showing bulls' control over bears. Given the lack of strong momentum, the current trend may change quickly.