Will Stellar (XLM), which has recently gained more than 20 percent, be able to continue its upward trajectory?
Ripple’s (XRP) surprising rally paved the way for many altcoins. XRP, which has risen nearly 100-fold in the past week, has provided an influx of money to major altcoins with high market value.
Stellar (XLM), one of the names that marked a 2021 bull, is up 170% since November. XLM, which was among the best performers this month, reached a market value of $7.395 billion.
AMBCrypto made surprising comments in their analysis for XLM.
Stellar (XLM) can be downloaded.
According to analysis by AMBCrypto, Stellar (XLM) is gaining momentum based on technical outlook and market sentiment. Conditions needed for XLM, which has surged 25% in the past 24 hours, were noted to continue its rise.
The analysis included the following statements:
“This sudden upward momentum (up to 25 percent) broke the long-standing descending channel and raised hopes of a potential rally.“
XLM price is stuck in a long downtrend. As a matter of fact, XLM accompanied XRP’s rally and crossed the channel’s resistance level, landing at $0.1236. A resistance break took the XLM price to $0.25.
According to the analysis, the upper level in the Bollinger Bands has risen to $0.2125, indicating a bullish scenario. It was emphasized that the surface in question would serve as a potential support.
While the price of XLM increased rapidly, its social volume decreased rapidly. Analysis has interpreted the decline in social interest as follows.
“The enthusiasm of retail investors may not be behind the rally.“
AMBCrypto said the rise in XLM was the result of institutional or wheel transactions.
The $0.25 resistance is crucial in the popular altcoin. XLM can sustain an uptrend if it sustains above $0.21 and clears the $0.25 resistance.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
