As a seasoned researcher with years of experience tracking the cryptocurrency market, I must admit that the recent surge in Stellar (XLM) has piqued my interest. After witnessing its 16% price rebound over the past 24 hours, I can’t help but feel like a kid on Christmas morning.
In the last day, there’s been a substantial rise for Stellar (XLM), with it jumping up by a striking 16%. This surge signifies a remarkable improvement in XLM’s market performance.
After two consecutive days of decline, where the value of Stellar dropped by up to 16%, causing it to hit a low of $0.414 during yesterday’s trading, there’s been a welcome recovery in its price today.
As a researcher, I’ve observed a notable effect following the 16% price hike. Stellar’s market capitalization has soared to an impressive $4.25 billion nearly. This upward trend has catapulted Stellar up the cryptocurrency ladder, earning it the 13th spot among its peers in terms of market valuation. Interestingly, this surge has resulted in Stellar overtaking Shiba Inu, pushing it down to the 15th position.
Stellar’s growth mirrors a wider revival in the cryptocurrency sector, with Bitcoin approaching the $94,000 mark again after dipping to $90,742. This bullish trend in the crypto market follows investor scrutiny of the Federal Reserve meeting minutes and significant economic data will be released this week.
As a researcher, I’m sharing an insight based on the summary released on Tuesday by the Federal Reserve. In their minutes, they hinted at a likelihood of future interest rate reductions. However, these adjustments are expected to be made in a slow and gradual manner, as indicated by the policy meeting we had earlier this month where the benchmark lending rate was decreased by a quarter point from 4.50% to 4.75%.
XLM price action
During today’s trading, Stellar climbed from its low of $0.418 to hit $0.531. This increase is observed after a two-day decline that followed the peak on November 24 at $0.6389, which was due to profit-taking.
At the time of writing, XLM was up 10% in the last 24 hours to $0.50 and up 94% weekly.
Since early November, Stellar has experienced a continuous upward trend driven by optimistic investor sentiments, Bitcoin’s profit shifting, and a favorable “golden cross” technical indicator. Over the past month alone, Stellar’s value has significantly soared by approximately 429%.
During the recent spike, Stellar Lumens (XLM) managed to surpass significant resistance points, notably its daily Simple Moving Averages (SMA) 50 and 200. This has fueled a bullish trend. If this upward trajectory persists, it could lead to a significant breakthrough of the yearly high at 0.6389, potentially driving the price up to $0.70 in the short term. In the long run, if the momentum holds, we might even see XLM reach the $1 mark.
Instead, traders might want to keep an eye out for possible price drops. They could find potential support levels at $0.44 and $0.41 if there’s a lot of selling (profit-taking).
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2024-11-27 19:10