🔥🔥🔥 #Stellar ’s Breakout Sparks: $XLM Price Ready For 50% Surge?
Stellar (XLM) Price Analysis: Surge and #MarketTrends
Recent Price Movement:
- Stellar (XLM) saw a 5% intraday surge as #bitcoin☀️ supported an upward trendline. XLM rebounded to $0.0990 from a peak of $0.1140, finding support at the 50-day EMA. A bullish push above $0.1140 could signal a broader market revival.
Market Cap and Trading Volume:
- XLM's market cap increased by nearly 5% to $3.082 billion, making it the 28th largest cryptocurrency. The 24-hour trading volume surged by 116% to $116.318 million, indicating a recovery trend.
Accumulation and Institutional Interest:
- XLM's bullish outlook is bolstered by a breakout from a falling wedge pattern. Despite being discounted from its all-time high of $0.7978, institutional interest is growing, anticipating a significant surge in late 2024.
Derivatives Market Analysis:
- Derivatives data shows a 25% increase in open contracts, with open interest at $39.55 million and volume up by 220% to $163.18 million. Higher long positions compared to shorts may signal caution.
Daily Chart and Indicators:
- XLM saw a 45% increase from July 5 to July 17 but has since pulled back to the 50-day EMA, forming a bullish flag pattern. RSI is at 58.64, and a bullish MACD crossover is expected. A move above the 200-day EMA could strengthen bullish momentum.
Price Targets and Support Levels:
- Resistance levels are at $0.1140 and $0.1200, while support levels are at $0.0990 and $0.0920.
Source - thecoinrepublic.com
