Reasons Why Crypto XLM Prices Are Rising, Here's the Analysis!
2024-11-18
Bittime - Price Stellar (XLM) is back in the spotlight in the crypto world after recording a significant price increase in the last 24 hours. The value soared to 29,97% with trading volume increasing by more than 414,52%, reflecting the growing interest of traders.
This spike not only indicates positive price movement, but also a potential trend change supported by technical analysis. What causes the price of XLM to rise, and in what direction is it moving? Check out the analysis in this article.
Analysis Chart Stellar (XLM)
According to the latest analysis from Mihir, a leading analyst at platform X (Twitter), XLM is showing a strong bullish pattern. The XLM price chart managed to break through a key resistance zone, signaling a switch from a bearish to a bullish trend.
Main Factors of XLM Breakout:
Resistance and Support Zones: The main resistance is at $0,45 (Rp7.110), while strong support is in $0,1028 (Rp1.626).
Donchian Channels Indicators: Indicates that XLM has surpassed the midline resistance, strengthening the bullish signal.
High Trading Volume: A surge in trading volume supports this breakout, indicating increasing market interest in XLM.
This breakout reflects XLM's historical pattern, where the token experiences a sharp rally after a long period of consolidation.
With supportive technical indicators, XLM price has the potential to reach the next resistance level at $0,45 (Rp7.110) or even target psychological numbers $1,00 (Rp15.800) in the next few months.
Read also: $JUP Price Soars, Jupiter's Bull Run Has Started?
Stellar (XLM) Price History and Latest Trends
XLM crypto reached ATH in 2018. After that, the price of XLM coin decreased in 2018-2020. The following is a complete explanation.
Stellar Price Journey (XLM):
ATH di 2018: XLM reached its all-time high price (ATH) in $0,94 (Rp14.852) in early 2018.
Bearish Phase (2018-2020): After the ATH, XLM experienced a significant price decline, entering a bearish phase for several years.
Recovery 2021: Despite a rally in 2021, XLM price failed to reach its previous ATH.
Current XLM Crypto Price Trends:
Today's price spike occurred after XLM managed to cross the equilibrium level, signaling renewed interest from investors. This increase is also in line with the movement of other altcoins, such as XRP, ADA, and ALGO, which received positive sentiment from news of crypto regulations in the United States.
Elon Musk and Donald Trump, who are known to be pro-crypto, signaled positive regulatory developments, boosting market optimism. This sentiment drives traders to enter the XLM market, increasing the price significantly.
Read also: HBAR ETF Still Waiting, Will Hedera Bull Run Happen?
Latest Stellar (XLM) Price Movement
Based on data from CoinMarketCap, the current live price of XLM is $0,238833 (Rp3.778), with daily trading volume reaching $2,014,128,215 (Rp. 31,822 trillion). Stellar's market cap is in the numbers $7,151,544,988 (Rp. 113,992 trillion), making it the 21st ranked crypto asset on the global market.
Next Price Target:
1. Level Resisten: If the bullish momentum continues, XLM will likely try to break the resistance level at $0,45 (Rp7.110).
2. Level Support: If a correction occurs, XLM may return to the strong support level at $0.20 (Rp3.160) or lower at $0,1028 (Rp1.626).
Market optimism towards XLM was also triggered by Mihir's tweet which stated, “$XLM heads towards new ATH.” However, maintaining the above price $0.20 (Rp3.160) very important to maintain the momentum of the rise.
Conclusion
The recent surge in the price of Stellar (XLM) reflects the huge potential it has, supported by technical analysis and positive sentiment in the market. With the breakout of the major resistance zone and increasing trading volume, XLM is showing signs of heading towards a long-term bullish trend.
Stellar continues to demonstrate its capabilities as a crypto asset worth paying attention to. Will XLM hit a new ATH? Only time will tell, but the odds look promising.
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