Date: Tue, Dec 17, 2024, 09:19 AM GMT
The cryptocurrency market is on fire following a series of bullish rallies, largely fueled by Donald Trump's victory in the U.S. elections last month. Bitcoin (BTC) has smashed its previous records, hitting an all-time high of $107,000. Riding this wave, Stellar (XLM) has emerged as a top performer among altcoins, skyrocketing by over 375% in just the last 60 days.
Today, Stellar (XLM) is back in the spotlight with a sharp 6% surge in the last hour, following a significant technical breakout. $XLM is now trading at $0.4561, signaling the potential for another rally.
Source: Coinmarketcap
Key Breakout Driving XLM's Momentum
The latest surge comes as XLM broke out of a descending triangle pattern that had kept its price in check since November 24. After an impressive rally earlier, XLM entered a period of correction and tested the lower descending support at $0.37. This acted as a strong reversal point, propelling the token upward.
Just minutes ago, XLM shattered its upper descending trendline and horizontal resistance level at $0.4531, confirming a breakout. It is currently trading above these levels at $0.4560, suggesting strong bullish momentum.
What's Next for XLM?
If the breakout holds and the price successfully retests the newly breached levels, XLM could aim for its next resistance targets at $0.51 and $0.64. Achieving these milestones would mean potential gains of up to 40% from its current price.
The combination of strong technical indicators and market-wide bullish sentiment sets the stage for a promising rally for Stellar. However, traders should watch closely for a successful retest of the breakout zone to confirm sustained momentum.
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
