Stellar (XLM) Emerges As Top Gainer For The Day: Will The Rise Continue?

Stellar (XLM) rose to the top of the gainers list on Saturday with an over 13% rise. At press time, the coin was trading at $0.1042, up 14.23% as compared to the same time last day. With the current highs, market participants are now questioning if the current bullish momentum for the coin will continue in the future.

XLM Previous Price Trajectory

XLM rose as an investor favorite back in 2023. Midway through June 2023, XLM had a sharp upswing in value, rising 150% in a single month. After this quick increase, there was a consolidation phase during which the price paused and moved in a constrained range, suggesting an accumulation phase.

Recently, the XLM coin has demonstrated fresh power by decisively breaking above the falling wedge pattern. Given that the bullish attitude seems to be gathering steam, this breakout indicates that fresh highs might be approaching.

It appears that only time will stand in the way of a $0.681 price point for $XLM (Stellar) as long as it maintains its breakout and breaks free of the indicated resistant trend.

As Bankless Times reported earlier, three primary factors have contributed to Stellar’s fast increase. First off, well-known figures in the cryptocurrency world invented the coin, which makes it easier for investors the trust the vision of the creator. Second, Stellar was one of the first coins in the market, thus practically all exchanges offer it. This facilitates the coin’s purchase giving it a better investor pool. Lastly, the overall correlation in the cryptocurrency market is the reason the coin is rising. Cryptocurrencies typically see a rise during periods of strong positive trending for Bitcoin.

Will XLM Rise In the Future?

In the upcoming month, the price of Stellar is expected to increase by 6.70% to $ 0.109213 based on the current price estimate. The Fear & Greed Index for the coin is currently reading 25 (Extreme Fear), according to technical indicators, and the sentiment is Neutral. During the previous 30 days, Stellar had 14/30 (47%) green days and 4.14% price volatility.

During August, Stellar’s 200-day SMA will have dropped reaching $ 0.113434. By August 12, 2024, Stellar’s short-term 50-Day SMA is predicted to reach $ 0.100387. The momentum oscillator known as the Relative Strength Index (RSI) is a widely used indicator that indicates when a cryptocurrency is overbought (above 70) or oversold (below 30). The RSI figure for the XLM market is currently 51.92, indicating a neutral position.