Stellar (XLM) and Cardano (ADA) prices are climbing right now, and more people are trading them than usual. Stellar’s price went up about 11% over the past day. More interesting is that people are trading it way more, about three times as much as before.
Cardano’s doing even better, with a 14% price jump and trading volume up four times the normal amount. Crypto analysts CW and Sweep shared on X (formerly Twitter) key patterns and breakouts driving the hype around these tokens.
Read Also: AAVE Price Breaks Above $200 as Analyst Explains What’s Next
Stellar (XLM) Price Nears Breakout as Triangle Convergence Pattern Forms
A chart shared by CW suggests that XLM’s price is forming a triangle convergence pattern, which often indicates a potential bullish breakout. The price action is moving within a triangle, supported by an upward-sloping trendline and a horizontal resistance line. This setup suggests that the price is nearing the apex of the pattern, a point where breakouts typically occur.
Image Source: X/CW
If the resistance is breached, the price could aim for a target of $0.94, aligning with a classic technical analysis projection. Volume levels have decreased as the pattern develops, a common feature of such formations. However, a volume spike would be critical to confirm the breakout. A breakdown below the support trendline would invalidate the bullish outlook.
Market trends also suggest a correlation with XRP, which has seen strong momentum in recent days. Historically, XLM tends to follow XRP’s movements, further fueling expectations of a rally.
Cardano Price Breaks Key Resistance Amid Bullish Momentum
ADA’s price action has captured attention following a breakout from a descending channel pattern. Sweep announced that their trade on ADA was gaining traction, reflecting bullish sentiment in the market. The breakout was accompanied by increased volume, suggesting strong buyer interest.
ADA’s price has also respected an upward-sloping trendline, indicating sustained bullish momentum. Resistance levels near $1.10 have been breached, opening the possibility of further upward movement. The next resistance lies at higher levels, which, if surpassed, could signal extended gains.
Technical analysis points to Fibonacci retracement levels, which played a role in supporting the breakout. Traders are monitoring a potential pullback to test previous resistance levels as new support zones before further continuation.
Image Source: X/Sweep Stellar and Cardano Lead Market Gainers
XLM and ADA are among the top-performing cryptocurrencies today. Their significant price gains and trading volume increases reflect strong interest from market participants. The market is keeping an eye on these tokens right now. How they perform could affect short-term market trends.
If you’re trading or investing, watch the key support and resistance levels. Keep track of what’s happening in the broader market too – this helps spot good trades and avoid risky ones.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post Why Is Stellar (XLM) Price Pumping? Cardano (ADA) Price Action Shows Strength: Key Levels to Watch appeared first on CaptainAltcoin.
