Stellar (XLM) Price Rises 21% to Reach $0.2393 Market Cap Over $7 Billion
Bitcoin and most altcoins are consolidating, while Stellar (XLM) has gained 21%, reaching $0.2393 and a market cap exceeding $7.16 billion. This rally has increased XLM's weekly gains to over 118%, placing it among the top 20 cryptocurrencies by market cap.
The recent surge in XLM coincides with the formation of a bullish "golden cross" on its technical chart, where the 50-day moving average surpasses the 200-day moving average. This event aligned with a breakout above key resistance levels, pushing the price to multi-year highs of $0.243, last seen in March 2022.
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In March, when Bitcoin reached $74,000, XLM also saw a golden cross but was followed by a death cross due to a lack of momentum. Currently, the golden cross indicates a significant shift after a prolonged consolidation period. Historically, XRP and XLM have shown strong price correlation; XRP recently surpassed $1, reaching a three-year high, driven by positive regulatory news and increased whale activity, which has positively impacted XLM.
XLM's price has been buoyant following the US elections, trading at a premium for nearly 11 of the last 13 days. In the near term, XLM faces resistance at $0.25 and $0.27, but if these levels are breached, further rallies to $0.44 and $0.80 are possible.
Stellar (XLM) Price On-Chain Indicators
XLM’s Open Interest (OI) has surged alongside trading volume, indicating strong bullish sentiment. The current OI is up 46% in the last 24 hours at $144 million, the highest since Ripple's partial legal victory in July 2023. Continued trends may push XLM's price beyond $0.40.
However, caution is warranted due to a 30% drop in daily trading volumes, now at $2.02 billion. Rising prices combined with declining trading volumes suggest diminishing bullish interest following the recent rally.