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XRP rival Stellar (XLM) has subtly slid into rebound mode after the coin survived a major sell-off trend that gripped the industry on April 10. As of press time, the combined market capitalization has dropped by 1.05% to $2.57 trillion, setting a mildly bearish path for assets like Stellar to follow. With XLM surviving the recent sell-off, the next direction remains a puzzle for market observers.
XLM make or break moment
At press time, Stellar's price was $0.2368, up 1.58% in the past 24 hours, per data from CoinMarketCap. The coin charted a very unilateral rally from a 24-hour low of $0.2251 to its current level, which marks the highest level for the period.
Tomiwabold OlajideOther XLM market metrics are also in the green, as the trading volume saw a major recovery as of press time. At the moment, almost $180 million were traded, underscoring the hype around the predominantly payment protocol.
Despite Stellar trading at its highest level in 24 hours, it is yet to reclaim the $0.25 resistance level it traded above earlier in the week after a possible death cross emerged on-chain. With this mild rebound, the digital currency is looking to pare off the 10.76% drawdown it raked in over the past week.
If it breaches the resistance, a long-awaited price breakout may emerge.
Riding on market momentum
Stellar's growth trajectory is uncommon but closely tied to the broader market resurgence. With a correlation to Bitcoin, its sustained rebound in the long term hinges on how the top coin performs.
Already, XLM's price has ignored the extremely bearish forecast that it may slide to a 30-day low if the sell-off trend does not slow down. A targeted recovery is now partly based on core ecosystem fundamentals and its historical growth trend for this quarter.
Vladislav Sopov
Dan Burgin