In the past 24 hours, Stellar (XLM) has experienced a 13% increase, which aligns with the emergence of a bullish golden cross pattern on the hourly chart. This technical formation is typically seen as a precursor by traders, suggesting potential for continued price growth.
In simpler terms, the “golden cross” is a technical pattern that emerges when the shorter-term moving average (often 50) crosses above the longer-term moving average (usually 200). This event on Stellar’s hourly chart was accompanied by increased buying pressure for Stellar, leading to a rise in its price.
It’s noteworthy that the growth of XLM mirrors that of XRP quite closely. In fact, during the same timeframe, XRP saw a 13% surge in value. This pattern has generated renewed curiosity about the connection between their price fluctuations.
A 13% price hike coincides with a surge in trading activity, suggesting that investors are taking advantage of Stellar’s upward trend. In the past 24 hours alone, Stellar’s trading volume has soared by 135%, reaching an impressive $1.48 billion.
Crypto market rebounds
crypto values bounced back from their drop on Monday, showing positive movements for Bitcoin (BTC) and other digital currencies at this moment as investors analyzed the recently released U.S. inflation figures, with further updates anticipated.
Rapidly increasing prices in the market caught short sellers off guard, causing them to hastily adjust their positions. As per CoinGlass’s figures, a total of $127 million worth of short positions on the cryptocurrency market were closed within the past 24 hours.
In today’s trading session, Stellar XLM continued its recovery from the previous day, reaching a peak of $0.482. This value is close to the highest it has been since early January this year.
Currently as I’m typing this, Stellar Lumens (XLM) has risen by 9% over the past 24 hours to a price of $0.4533. Looking ahead, potential obstacles for XLM include resistance levels at $0.511, $0.60, and $0.636. If it manages to surpass these hurdles, further growth might be expected.
From my analysis perspective, it’s important to note that potential support levels for XLM can be found at $0.43, aligning with the Daily Simple Moving Average 50, and also at $0.31. If the price should retrace, these zones could potentially attract buyers due to their historical significance.
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2025-01-15 16:27