The Stellar market has managed to maintain a bullish trajectory. As a result, the token has remained on the list of top-performing cryptocurrencies up to today, continuing the momentum from yesterday. As of the time of writing, the token holds a price increase of 3.35%, with potential for further gains.
XLM Statistics
Current Price: $0.3751
Market Capitalization: $11.64B
Circulating Supply: 50B
Total Supply: 31.05B XLM
CoinMarketCap Rank: 13
Key Price Levels
Resistance: $0.4000, $0.4250, $0.4500
Support: $0.3500, $0.3250, $0.3000
Stellar Buyers Are Holding Well but Facing a Contraction
Price movement on the XLM daily chart reinforces the general outlook that the market remains on a bullish path. This is clearly illustrated by price candles staying above the upper band of the Bollinger Bands (BB) indicator. However, the last candle on the chart shows a strong contraction, evidenced by its reduced body.
Despite this, upside momentum remains firm at the time of writing. Meanwhile, the Smoothed Rate of Change (SROC) indicator line is trending upward after crossing above the equilibrium level. Technically, this supports the view that price action may continue to advance toward higher levels.
XLM/USDT Seems to Have Reached a Strong Barrier
On the 4-hour Stellar chart, price activity suggests that a strong resistance exists at the $0.4000 level. This conclusion arises from the fact that price action has attempted to breach this level in about five consecutive sessions, yet remains unsuccessful.
The latest price candle reflects another pullback from that resistance. Nevertheless, traders can anticipate that the market may soon gain the traction needed to break through, given the prevailing bullish momentum. If this happens, the $0.4250 price mark could serve as a reasonable target.
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