Stellar (XLM) Is Riding a Beneficial Bull Wave

Stellar (XLM) is riding a beneficial bull wave now, like the overall altcoin market at this phase of the cycle. After a clean and decisive flip of large resistance levels to support

Stellar (XLM) is getting battered now like the overall altcoin market at this stage of the cycle. After a clean and decisive flip of large resistance levels to support, the setup now is for the trend to continue.

Stellar is well situated to ride this wave. If the trend continues, XLM may be on the threshold of a huge breakout.

Stellar is priced at $0.292 at the time of writing, has a 24-hour trading volume of $228.2M, and has a market cap of $9.05B. It is up 2.87% from the last 24 hours and is up considerably by $9.05B from the last week, with potential for further upward movement.

Stellar bullish setup hints breakout above $0.29

A prominent crypto analyst, gemxbt, highlighted that Stellar (XLM) is also showing very robust bullish momentum, as its price action remains firmly above the 5-hour, 10-hour, and 20-hour moving averages. The consistent strength across several short-term indicators indicates a robust uptrend fueled by consistent purchasing interest.

“Still very strong bullish momentum on XLM. Price is holding above the 5/10/20 EMA. Technical strength across several short-term time frames bodes well for continued buying interest in the coming hours and days. Chart is now encountering some resistance around the $0.29 zone.”

Currently, resistance is being built above the $0.29 zone, while support levels are around $0.26. The continuous growth in trading volumes further highlights that this movement of the price is being driven by actual market participation and not just short-term speculative trades.

A breakout above the $0.29 resistance would potentially bring even greater gains, driving $XLM to fresh highs. Traders and investors are going to be monitoring price movements at crucial technical levels, but Stellar’s chart setup indicates the possibility of a major rally in the near future.

Technical charts also affirm the existing bull story for Stellar. The Relative Strength Index (RSI), which is moving toward the area of being overbought, historically suggests that things must cool down but, for solid trends, indicates that there is continuing demand.

Meanwhile, the Moving Average Convergence Divergence (MACD) is also bull-friendly, and the MACD line is still above the signal line. This indicates that the momentum behind the price appreciation of XLM continues to remain sound and, for now, sustained.