- Stellar (XLM) experiences a 4% price increase as it forms a golden cross, signaling bullish momentum.
- Despite a surge in trading volume, XLM struggles with the $0.40 resistance, hindering further price increases.
- Stellar outperforms Bitcoin and Ethereum with a 288% price increase this year, far surpassing BTC and ETH gains.
Stellar (XLM) has experienced a notable 4% increase in its price within the last 24 hours. The rise coincides with the formation of a golden cross on its charts, a technical signal often associated with bullish market momentum. This formation occurs when a short-term moving average crosses above a long-term moving average, typically indicating further price gains.
At the time of writing, Stellar’s price stands at $0.3815, marking a 5.4% increase over the past 24 hours. The cryptocurrency recently saw a jump from $0.3574 to a peak of $0.3831, signaling renewed investor interest. However, despite the positive movement, Stellar is encountering significant resistance at the $0.40 level, preventing further gains. This resistance has kept the asset from reaching the breakout levels many had anticipated.
Trading Volume and Market Sentiment
The trading volume for Stellar has surged by nearly 85%, reaching $333.21 million, indicating that market participants are actively engaged. This spike in volume suggests that bulls are pushing the price higher, although it has not yet led to a breakout. The overall market sentiment remains cautiously optimistic, as traders are watching closely for signs of a larger upward move.
While Stellar struggles with its resistance at $0.40, it has outperformed Bitcoin and Ethereum in its yearly price growth. Stellar’s price has risen by 288% year-to-date, whereas Bitcoin and Ethereum have recorded increases of 88% and 73%, respectively. This has positioned Stellar as a strong performer in the market, despite the ongoing challenges at key resistance levels.
Future Outlook for XLM Price
Looking ahead, if Stellar manages to break through the $0.40 resistance, it could gather the momentum needed to target $0.47. Historical trends suggest that Stellar may even reclaim $0.50 later this month, provided it maintains its current growth rate. Investors are optimistic that the bullish momentum initiated by the golden cross will pave the way for a continued price rise in the coming weeks.
