Stellar (XLM) is Showing Strong Bullish Momentum, Signaling a Potential Breakout as Its Price Surges

(XLM) is showing strong bullish momentum, signaling a potential breakout as its price surges. The broader cryptocurrency market has shifted from a bearish to a bullish phase

Stellar (XLM) price showed strong bullish momentum on Wednesday, signaling a potential breakout as the broader cryptocurrency market shifted from a bearish to a bullish phase.

Bitcoin’s recent rally above $84,000 sparked fresh optimism among investors, setting the stage for a possible breakout in altcoins.

At the time of writing, Stellar’s price stood at $0.2732, up 3.79% over the past 24 hours. The 24-hour trading volume was $238.02 million, and the market cap was $8.39 billion.

3 Macro Events This Week Could Influence Crypto Market Direction

Several key macroeconomic events in the coming days could influence the direction of the crypto market. On Wednesday, new tariff policies were expected to be announced, while U.S. unemployment data was set for Friday.

Additionally, inflation data was set for release next Thursday, which could introduce further volatility, impacting liquidity across financial markets.

Given these upcoming economic reports, traders were bracing for potential price swings, making it crucial to monitor key support and resistance levels.

XLM Price Set For Breakout As Bulls Gather Momentum

Crypto analyst ChainShot identified a strong support zone for XLM, with the asset bouncing from a 1D liquidity zone (blue box). Currently, Stellar was testing the inside trendline of the C-fork pattern, a breakout from which could trigger a move toward higher resistance levels.

Additionally, Rose Premium Signals highlighted that XLM was approaching the apex of a falling wedge, a well-known bullish reversal pattern. The confluence of Fibonacci retracement levels (0.618 & 0.786), along with strong support, suggested that a breakout could be imminent. If confirmed, this technical setup could fuel a significant upward rally for Stellar.

As XLM approached a potential breakout, traders were keeping an eye on the ideal entry zone, which was between $0.25 and $0.27. The current price of XLM was $0.268.

If Stellar successfully broke out, its next price targets were $0.43, followed by $0.60 and potentially $0.86.

With bullish momentum building and Bitcoin leading the charge, Stellar could see a strong price rally if it successfully overcame resistance levels. As market sentiment improved, all eyes were on XLM’s next move, which could set the stage for further gains in the coming weeks.