Stellar (XLM) Shows Impressive Bullish Momentum, Rising Nearly 19% in the Past Week

Stellar (XLM) is showing impressive bullish momentum, rising nearly 19% over the past week. As the token pushes toward key resistance levels

Stellar’s (CRYPTO: XLM) price has risen nearly 12% over the past week as the token pushes toward a key resistance level.

What Happened: Stellar’s native token XLM is up 18.9% over the past week, bringing its total market cap to nearly $9 billion. The token is now trading at $0.298 at press time.

The recent surge in Stellar’s price has been rapid, with RSI surging from 55.2 to 71.5 in just a few days.

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Strong Demand: Stellar has experienced a surge in buying interest, which is indicated by the Relative Strength Index (RSI). A reading above 70 could suggest that an asset is overbought and may be due for a period of consolidation or short-term pullback.

The rapid increase in RSI from 55.2 to 71.5 in just a few days signals a strong influx of demand for XLM.

Key Indicators: Stellar’s Average Directional Index (ADX) has also increased sharply from 26.56 two days ago to 37.41. An ADX reading above 25 indicates that the trend is gaining strength.

With XLM’s ADX approaching 40, it suggests that the uptrend is becoming increasingly more powerful.

The Positive Directional Indicator (+DI) remains well above the Negative Directional Indicator (-DI), indicating that buying pressure continues to outpace selling pressure.

What Next For XLM Price: Stellar is now approaching the key resistance level of $0.30. If XLM manages to break above this level, it could open the door for further gains. The next resistance levels to watch out for are at $0.349 and $0.37. A move above $0.35 would mark a significant milestone for XLM as it would be the highest price since March 2.

On the downside, the support level at $0.279 will be crucial for maintaining the bullish momentum. If XLM can hold above this support, it may consolidate and prepare for another leg higher.

However, a drop below $0.279 could trigger a correction towards the next major support at $0.258. If the selling pressure intensifies, then deeper retracements towards $0.239 or even $0.20 may follow.