Stellar Price Surges by 110% in Just 6 Days, Outpacing Bitcoin and Ethereum in Crypto Market Rally
The stellar price has experienced a remarkable surge of 110% over the past six days, showcasing an outstanding performance that has surpassed both Bitcoin and Ethereum during this recent crypto market rally.
According to data from BitcoinEthereumNews.com, Stellar Lumens (XLM) has seen its trading volumes soar above $3 billion within a 24-hour period, solidifying its position in the top ten cryptocurrencies and surpassing competitors like Binance Coin (BNB) and Dogecoin (DOGE).
Key Highlights:
- XLM trading volumes exceed $3 billion in 24 hours, securing a top-ten position above BNB and DOGE.
- Technical indicators point to convex Bollinger bands and bullish MACD signals, despite potential profit-taking risks near resistance levels.
- Stellar has outperformed other layer-1 blockchain rivals with an impressive 109% increase in weekly gains, while Bitcoin hovers around the $120,000 mark.
- Current XLM statistics: Price at $0.46, 24-hour volatility at 1.9%, market cap of $14.23 billion, and 24-hour trading volume of $3.27 billion.
Stellar Lumens has emerged as one of the standout performers in the cryptocurrency market over the past week, quietly making significant strides as Bitcoin, Ethereum, Ripple, and Hedera Hashgraph have also posted notable gains ranging from 20% to 50%.
Stellar (XLM) Price Analysis
Looking at the price action for XLM/USD, the MACD indicator remains strongly bullish, with the MACD line (0.0419) surging above the signal line (0.0165). This is further supported by expanding green bars on the histogram, indicating continued upward momentum. However, the significant divergence from the 20-day Simple Moving Average (SMA) suggests a potential retracement towards the midline support level at $0.4302.
If bulls can defend the $0.43 support level and Bitcoin maintains its strength above $110,000, XLM could reclaim $0.50 and potentially target a breakout towards $0.58. Conversely, a breakdown below $0.43 could invalidate the bullish setup, leading to a short-term pullback towards the $0.38 range.
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Disclaimer
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Cryptocurrency markets are highly volatile and subject to rapid changes. Readers are advised to conduct their own research and consult with a financial advisor before making any investment decisions.
Author: Ibrahim Ajibade is a seasoned research analyst with expertise in supporting various Web3 startups and financial institutions. He holds a Bachelor’s degree in Economics and is currently pursuing a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
Source: Coinspeaker
