Stellar (XLM) Price Surges: Potential Breakout Ahead?
Stellar (XLM) has witnessed a significant price surge of 12% in the last session, capturing the attention of cryptocurrency investors and analysts worldwide.
Why is Stellar (XLM) Price Rising?
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Three main reasons help to explain the sudden uptrend in XLM/USD:
RLUSD Stablecoin Launch by Ripple
The disclosure of Ripple’s new RLUSD stablecoin has generated a lot of market buzz. Stellar, which has historical ties to Ripple through creator Jed McCaleb, has profited from the spillover impact as XRP shows a 15% gain.
Bitcoin’s Rally
Driven by institutional investments like MicroStrategy’s recent 15,350 BTC buy, Bitcoin’s rise above $107,000 has inspired more general crypto market hope. This movement has raised altcoins, notably Stellar.
Stellar’s Strong Network Fundamentals
Stellar’s blockchain has demonstrated strong expansion; active addresses today count more than 9 million. This mounting network activity points to rising user confidence and acceptance.
XLM/USD Technical Analysis
Trading volume surged 197% to $1.37 billion; current price is at $0.45; 24-hour high is $0.471.
Key Technical Indicators
- The 4-hour MACD indicator displays a bullish signal, with the MACD line crossing above the signal line. This suggests potential short-term upward momentum.
- Key resistance at $0.60 and $0.64
- Support level at $0.354
XLM Price Predictions
- Short-Term Outlook: Potential resistance at $0.51 and $0.64
- CoinCodex Prediction: Potential January spike to $0.69 (56% increase)
- Bold Forecast: Some analysts, such as Javon Marks, point to an 11x gain suggesting a possible climb to $6-$9.
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