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Stellar (XLM) is flashing a bullish signal, as a crucial technical indicator suggests it could break out into a bullish rally soon. Notably, Stellar’s death cross is narrowing out, and the asset might exit to print an epic golden cross soon, according to market data.
XLM price and volume show early strength
According to XLM’s death cross setup, the nine-day moving average is narrowing and about to cross the 21-day moving average. Notably, the nine-day MA is ascending and closing the gap and might do so in no time, especially if bullish sentiment is sustained.
On the crypto market, Stellar has already gained more than 2.5% as prices jumped from $0.2727 to peak at $0.2845 in earlier trading sessions. As of press time, XLM exchanges at $0.2826, representing a 3.10% increase in the last 24 hours, according to CoinMarketCap data. Even the RSI of 53 is pointing bullish amid the ongoing rally.
The positive development has caused a significant 29.12% uptick in trading volume to $273.26 million within the same time frame.
While the outlook appears bullish, Stellar bulls need to intensify their efforts if XLM is to retest the $0.30 level in this current rally. If Stellar is able to exit the death cross in the ongoing rally, it might serve as a catalyst for further price increases.
Stellar Nasdaq listing and market outlook
Interestingly, the ecosystem is already riding on the positive news of its inclusion in the Nasdaq index. Stellar made the list alongside Cardano, Solana and XRP, a move that could increase its exposure on Wall Street and drive adoption.
This indicates that Stellar might leverage the positive development to exit its death cross and aim for new price levels.
Despite this optimism, volatility levels remain high for the XRP rival. If the XLM price can sustain its current momentum, it could attempt to flip the $0.30 price resistance. However, if it fails to ascend, it could lose gains already made and slip downward to between $0.257 and $0.26.
Vladislav Sopov
U.Today Editorial Team