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Stellar (XLM) has gained more than 9% in the last 24 hours, reaching a high of $0.308 in the early Wednesday session. XLM is gaining traction, along with the rest of the cryptocurrency market.
At the time of writing, XLM was up 7.43% in the last 24 hours, reaching $0.30. With the jump, XLM is surpassing XRP, which has increased by 6.43% in the last 24 hours.
The recent price increase in Stellar (XLM) coincides with a broader crypto market recovery. Crypto regained the majority of its losses on Tuesday, with Bitcoin's price recovering to the crucial $90,000 milestone.
Stellar and XRP have always correlated in price movement, with both moving in tandem and vice versa. However, recent days have indicated a slight decoupling or either of the assets outpacing another in gains.
Arman ShirinyanXRP saw a massive surge over the weekend, following the announcement of a crypto strategic reserve, which included XRP, ADA, SOL, BTC and ETH. XRP surged 35% in Sunday's session, while XLM only saw 13% gains in this time frame.
What's ahead for XLM?
After days of decline, Stellar (XLM) rebounded from lows of $0.252 on Feb. 28, rising for three consecutive days to a high of $0.375 on March 2.
Tomiwabold OlajideIn line with the crypto market crash on Monday, which resulted in over $1 billion in liquidations, XLM fell from a high of $0.361 to $0.289 before recovering on Tuesday.
The rebound continued in today's session, with traders now watching key resistance levels to see if XLM can sustain its gains. XLM is currently trading between its moving averages of 50 and 200, at $0.363 and $0.258.
A break either up or below the moving averages might spell XLM 's next direction trend. If bullish momentum continues, the token may extend its surge, attracting even more attention from investors.
A break above the daily SMA 50 may target $0.51 and $0.63 next, while support remains at the daily SMA 200 at $0.258. According to Ali, a crypto analyst, Stellar (XLM) is setting up for a 300% bull rally if a breakout from a symmetrical triangle pattern is validated.
Dan Burgin
Vladislav Sopov