
Stellar’s (CRYPTO: XLM) price has shown renewed strength in recent sessions, climbing to $0.3155 by the time of reporting. The altcoin is currently trading above major moving averages, signaling a short-term bullish trend that may lead to further upside if momentum holds.
What Happened: Stellar experienced a significant surge, increasing by 20% over the last seven days. On the higher time frame, XLM is up by almost 33% as it rides the bullish wave along with the overall market.
The overall market is bullish with Bitcoin (CRYPTO: BTC) recent surge above $104k that propelled bullish in the altcoins.
Stellar is pushing against immediate resistance at $0.322 on the 4-hour chart, where the upper Bollinger Band is also located. Breaking through this level could set the stage for a move toward higher targets at $0.351 and $0.372, the highest price since early February.
The token recently cleared its 200-period moving average at $0.267, a widely watched level for trend confirmation.
Stellar’s price has also found support from the 50 MA ($0.289) and 100 MA ($0.298), which has been holding strong, further bolstering the bullish case.
The Bollinger Bands are widening slightly, which suggests that price volatility may be increasing.
Stellar’s ability to stay near the upper band is an indication that buyers are still in control, although a short-term pullback to the midline ($0.310) or even the lower band ($0.298) is still a possibility.
A drop below the $0.289 support area would weaken the current trend and could trigger a retest of the 200 MA around $0.267. Below that, stronger support is at $0.221, a level that has historically served as a bounce zone.
If the current momentum continues and Stellar can break and hold above $0.322, traders will likely set their sights on $0.351 as the next key level. With major averages sloping upward and price action remaining constructive, Stellar appears to be in a favorable position, but a pullback can’t be ruled out if resistance proves too strong.