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Stellar (XLM) has recorded a significant uptick in price as the asset rebounds from a low of $0.4103. It jumped 6%, outshining the broader cryptocurrency market that registered 4.03% growth. This comes as the asset confirmed a golden cross on its three-hour chart.
Stellar golden cross sparks short-term bullish momentum
As per data, this crossover occurred as Stellar’s nine-day moving average surged above the 26-day moving average. This technical event on the three-hour chart shifted momentum for the asset as the price registered an upward movement.
At the time of press, Stellar changed hands at $0.4132, representing a 5.32% increase in the last 24 hours. The coin earlier peaked at $0.4287 following the spike before registering a slight correction in the market.
Despite the correction, investors are bullish in the market space with a possible push toward $0.6. The trading volume is backing this, having witnessed a massive 147.31% surge to $564.63 million within the same time frame.
The bullish momentum Stellar is enjoying is also supported by the market-wide recovery. Bitcoin, the leading cryptocurrency, has achieved stability above $115,000, fueling hopes of an impending rally.
Meanwhile, altcoins are regaining momentum, as capital flows from Bitcoin to other assets. This development has added to the positive sentiments of Stellar investors.
Can Stellar break $0.50 resistance?
Less than 10 days ago, the Stellar price was on the verge of flipping $0.50, with many holders anticipating major growth ahead. Popular on-chain analyst, Ali Martinez, had projected that if the asset breaches the price level, it could soar to $0.77.
However, ecosystem bulls were not successful in pushing the price above the level before it suffered a setback due to broader market volatility.
Earlier in August, when the broader altcoin market entered into bullish mode, XLM climbed by a significant 16% within seven days. With the month nearing a close, some market participants are expecting the asset to make one final push for the $0.50 level.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team