Stellar Price Skyrockets 35% on XLM Golden Cross Signal: Details

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As a seasoned crypto investor with a knack for spotting trends and a hearty appetite for risk, I must admit that the recent surge of Stellar (XLM) has caught my attention. With over 8 years of experience in this rollercoaster ride we call crypto, I’ve seen enough golden crosses to know they can be promising signs.

In the past day, the cryptocurrency Stellar (XLM) has seen a significant increase of approximately 35%. This surge was likely triggered by a positive “golden cross” indication, suggesting a potential shift in the market trend towards bullish.

A ‘golden cross’ happens when the 50-day moving average rises above the 200-day moving average, which could indicate a possible upward trend for an asset like XLM. This recent golden cross for XLM happened at the same time as it broke through significant resistance points, reaching new highs not seen in several years around $0.243, last achieved in March 2022.

Back in March, XLM experienced a significant bullish signal known as a ‘golden cross’, but this was soon followed by a bearish signal called a ‘death cross’ due to market profit-taking. The latest golden cross indicates a change in trend direction after a prolonged phase of consolidation that started post the last death cross.

The prices of Ripple (XRP) and Stellar Lumens (XLM) have often mirrored each other significantly in the market. Remarkably, on Saturday, Ripple exceeded the $1 mark for the first time in over three years, reaching a peak not seen since then.

In the past few days, the rapid increase in XRP’s value, triggered by positive regulatory announcements and heightened whale involvement, has also influenced XLM. Remarkably, XLM followed suit, experiencing a significant jump from $0.14 to $0.243 – a 73% rise during Saturday’s trading, creating an enormous green candlestick on the daily chart.

Stellar price action

Stellar (XLM) has seen significant gains during the ongoing bullish trend, starting from a low of $0.09 on November 4th. The first surge allowed XLM to cross above its 50 and 200-day moving averages, which had been hindering its price increase since April this year. As the overall cryptocurrency market recovered, with Bitcoin hitting record highs exceeding $93,500 on Wednesday, bullish investors gained the upper hand.

Since November 4 up until now, Stellar (XLM) has been green for 11 out of 13 days. It peaked at $0.243 on the weekend, but then experienced a slight retreat by the bulls.

Currently, Stellar Lumens (XLM) has climbed by 34% over the past day to reach $0.20. Moreover, according to CoinMarketCap data, XLM has experienced an increase of 85% for the entire week. At present, Stellar Lumens holds a rank as the 23rd largest cryptocurrency with a market capitalization of approximately $6.16 billion.

If Stellar continues to perform well, investors can anticipate additional price increases. However, it’s important to exercise caution since there could be a spike in selling at higher prices due to profit-taking.

For a brief period, it’s crucial to keep an eye on potential resistance points at $0.25 and $0.27. On the flip side, there is support around $0.20. If XLM’s upward trend persists, it might experience further growth, possibly hitting new peaks at approximately $0.443 and $0.80 within the coming weeks.

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2024-11-17 18:02