Stellar (XLM) Crypto Surges 9.58% Amidst Bullish Market Sentiment

Stellar (XLM) crypto surged 9.58% during the weekly session, reaching $0.1154. Despite bearish signals, the price rebounded from moving averages and is aiming for a retest of $0.1184 resistance. The RSI indicates bullish momentum, while social dominance remains positive. If XLM closes above $0.1409, it may reach the $0.1590 resistance level.

Stellar (XLM) Crypto Soars 9.58% Amidst Bullish Sentiment

Introduction

Stellar (XLM), the native token of the Stellar decentralized network, has witnessed a significant 9.58% surge in its price during the most recent weekly trading session. This upward momentum has been attributed to a combination of positive market sentiment and strong technical indicators.

Historical Context

Launched in 2015, Stellar is a peer-to-peer (P2P) decentralized network that aims to bridge the gap between financial systems and provide a comprehensive protocol for payment providers and financial institutions. With a focus on cross-border payments and remittance, Stellar allows users to create, send, and trade various types of cryptocurrencies, seamlessly connecting individuals, banks, and payment processors.

2024 Performance Highlights

In January 2024, XLM crypto exhibited a period of price weakness due to the $0.1361 supply zone established in August 2023. This resulted in negative returns exceeding 14% during the January trading session, with the price falling below the $0.1078 bullish point of interest (POI).

However, a shift in sentiment emerged in February 2024, with a surge in buying pressure from traders and investors. This influx of support propelled the XLM crypto price by over 11%, instilling a sense of optimism for the following month.

March 2024 saw the continuation of the bullish trend, with the price rallying over 30% to reach the $0.1590 supply level. This positive momentum reflected the growing confidence in Stellar's potential as a cross-border payment solution.

Market Dynamics

The current total supply of XLM crypto stands at 50 billion, with approximately 28.91 billion XLM tokens in circulation. The total diluted valuation of the project is estimated at $5.79 billion, while the market capitalization has reached $3.35 billion. The 24-hour trading volume has experienced a slight decline of 23.61%, currently around $62.68 million.

Social Sentiment and Technical Analysis

Social media sentiment has played a significant role in the price performance of XLM crypto. The cryptocurrency's buzzing presence across social media platforms has positively influenced its value. The current social buzz accounts for 0.219% dominance among all cryptocurrencies, indicating a strong online presence.

Technical analysis of the XLM/USD daily chart reveals a temporary dip below critical exponential moving averages (EMAs), suggesting a brief period of weakness. However, the price has since rebounded from the 50-day and 200-day EMAs, indicating a potential shift towards a bullish trend.

The relative strength index (RSI) is demonstrating bullish momentum, with a recent golden crossover between the RSI and signal lines, further supporting a potential trend reversal.

Resistance and Support Levels

Resistance levels for XLM crypto are currently established at $0.1409 and $0.1590, while support levels lie at $0.0916 and $0.0760. The price is currently trading at $0.1154, approaching the $0.1184 resistance.

Conclusion

The XLM crypto price has experienced a positive trajectory in the recent weekly trading session, driven by favorable market sentiment and strong technical indicators. While the price has faced profit-taking from the $0.1590 resistance level since March 12, 2024, it remains in a bullish trend.

If the XLM crypto price successfully breaks above the $0.1409 resistance level, it may potentially rise towards the $0.1590 resistance level. However, if it falls below the $0.1184 support level, it could retest the $0.0947 demand zone.

Investors should exercise caution and conduct thorough research before making any investment decisions. Crypto and stock trading involve inherent financial risks, and it is crucial to understand these risks before committing capital.