Stellar (XLM) Price Prediction: XLM/USD Surged More Than 200% Following in the Footsteps of XRP

The Stellar network is an open-sourced, public blockchain powered by the Stellar Consensus protocol (SCP), a proof-of-agreement (PoA) consensus mechanism.

Stellar (XLM) price surged massively last week, showing a gain of 35% in just 24 hours and reaching about $0.243. This surge was driven by several factors, including whale activity and a bullish “golden cross” signal.

XLM’s price movements have been closely linked to XRP, which also saw a price surge following positive regulatory news. During this time, over $975,000 in short positions were liquidated, contributing to XLM's price rise. Additionally, trading volume for XLM jumped significantly, indicating increased interest from larger investors.

Overall, the positive sentiment in the cryptocurrency market, especially after Bitcoin's all-time highs, attracted more whale participation in XLM.

Technical analysis

XLM/USD surged more than 200% following in the footsteps of XRP. The pair hit a high of $0.26999 and is currently trading around $0.2459.

The pair holds above the short-term (21 and 55-day EMA) and the long-term moving average (200-day EMA).

On the higher side, near-term resistance is around $0.2700 any break above will take the pair to $0.3050/$0.400/$0.44/$0.50.

The near-term support is around $0.22 and any violation below will take the pair to the next level till $0.18/$0.13.

It is good to buy on dips around $0.20 with SL around $0.13 for the TP of $0.49.