Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Stellar (XLM) has risen 13% in the previous 24 hours, coinciding with the appearance of a bullish golden cross formation on the hourly chart, a signal that traders often interpret as a harbinger of further upward momentum.
The golden cross, a technical pattern, occurs where the short-term moving average, usually the SMA 50, crosses above the long-term moving average, typically the SMA 200. The appearance of this formation on Stellar’s hourly chart coincided with a wave of buying pressure for Stellar, with its price surging.
Interestingly, XLM's gain closely tracks that of XRP, which experienced a 13% price increase within the same period. The trend has sparked fresh interest in the correlation in their price movements.
Tomiwabold OlajideThe 13% price surge has been accompanied by increased trading volume, indicating that traders are jumping in to capitalize on Stellar’s momentum. In the last 24 hours, Stellar's trading volume has increased 135% to $1.48 billion.
Crypto market rebounds
Crypto prices recovered from Monday's crash, with Bitcoin (BTC) and other cryptocurrencies trading in the green at press time as traders digested the latest batch of U.S. inflation data, with more expected.
The sudden price rebound on the market left short sellers scurrying. According to CoinGlass data, short bets on the cryptocurrency market have been liquidated over the last 24 hours, wiping out $127 million.
Stellar XLM extended its rebound from Tuesday's session to reach $0.482 in today's session, approaching highs last seen on Jan. 4 of this year.
At the time of writing, XLM was up 9% in the last 24 hours to $0.4533. On the upside, the next key resistance levels are at $0.511, $0.60 and $0.636, where selling pressure may increase. If XLM can break through these resistance zones, it could lead to further gains.
On the downside, XLM’s support levels are at $0.43, which coincides with the daily SMA 50 and $0.31, which could act as buying zones if the price retraces.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Gamza Khanzadaev
Godfrey Benjamin
Vladislav Sopov
Dan Burgin