- XLM crypto gained strong bullish momentum, up 35% this week.
- Analysts target $0.59578, $0.73182, and $0.86888 amid growing momentum.
Amidst the bullish market sentiment, the XLM crypto has continued to outperform. It has reached the highest trajectory since 2021. Furthermore, the token rallied 35% in the last seven days and witnessed significant bullish momentum.
The sentiment behind the XLM crypto remained bullish. The increased trading volume supported the idea that genuine demand spurred XLM’s swift rally. It continued its bullish trend with a 7% bounce off the 61.8% Fib level.
The Stellar price was eyeing the $0.5500 immediate resistance level as its next significant target. Stellar crypto will be on a bullish rally to higher levels if this resistance level is broken over.
When writing, the XLM crypto was trading at $0.5284. That indicated an intraday increase of more than 7.20%. Its market cap surged to $15.88 Billion, ranking 14th among the top crypto coins.
The XLM price flipped from the resistance zone of $0.5000 to support. This happened due to the increasing buying pressure during the weekend.
Traders were expecting a 15%-20% price surge following the channel breakout. This could push the Stellar price toward $0.6000 in the upcoming sessions.
Analyst’s Bullish Call on XLM: Here’s the Take
Crypto analyst @VipRoseTr shared his analysis on XLM crypto in a post on the X platform. According to his analysis, XLM/USDT has three possible upside targets in its bullish trajectory.
For early adopters, the first goal, $0.59578, is a potential profit-making initial resistance level. $0.73182 is the second target, and the third is $0.8688.
XLM Price Prediction: Can the Bullish Rally Sustainable?
In the 4-hour timeframe, the XLM price has traded past the key EMA lines. That drove a strong bullish rally. A sharp vertical upswing was spotted in the recent sessions, and XLM crypto displayed a falling channel breakout.
It rebounded from the 20-day EMA and regained bullish traction. Bulls have eyed to surpass the prompt hurdle of $0.5570 for a rally toward the upside mark of $0.600.
The Relative Strength Index (RSI) highlighted the growing demand for XLM. It stood at the overbought levels with a reading of 78.
The Moving Average Convergence Divergence (MACD) posted a bullish crossover. That has been on an uptrend above the zero mark. The bullish readings on the leading indicators and the higher high swings were formed in multiple timeframes. All those projected a bullish bias.
What Does the Futures Market Data Represent?
The Open Interest data from Coinglass showed a consistent rise. This happened because of the prolonged buildup activity over the past few sessions.
The OI has risen over 3.20% to $305.20 Million over the past 24 hours. Alongside the OI surge, the OI-weighted funding rate remained positive since 5 November. That signaled strong bullish intentions.
The rising metrics and price put buyers in good stead to advance XLM’s bullish price rally. The immediate support zones for XLM crypto were $0.5060 and $0.4920. At the same time, the upside hurdles were $0.5380 and $0.5500.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
