Stellar (XLM) Notches 19% Gains In One Day, Will It Test $0.2?
Stellar (XLM) has climbed higher as more gains reach the broader crypto market. While XRP’s price action appears to have stalled, XLM’s rally is still ongoing. The payment solution token continued its bullish trend, amassing a 19.66% price increase on the day.
Stellar now edges towards the $0.2 target as bulls ramp up action to defend the current support level.
Stellar (XLM) Price Performance In The Past Week
Crypto prices continue in a heightened wavy pattern as Bitcoin fights to defend the $30,000 mark and push to $31,000. Amid the heightened volatility and anticipation for the July CPI data as the inflation rate declines, payment facilitators like XLM have been enjoying a bullish ride.
The token saw massive gains in the past weeks, with over 105% monthly price increases. The crypto coin has not disappointed investors even in the past seven days, as it garnered over 71.60% weekly gains.
This bullish momentum propelled XLM’s price from $0.07922 to $0.1787. Over the past seven days, Stellar’s price has gone from a low of $0.09707 to a high of $0.1788, a more than 67% increase.
In the early hours of July 20, Stellar traded at $0.1793, a 23% 24-hour gain in value. However, the momentum has stalled slightly, and Stellar’s price pulled back to $0.1667, with a 19.66% 24-hour price increase.
Nonetheless, the XLM remains bullish, with a resurgence in trading activity. The token has witnessed an over 270% increase in its 24-hour trading volume, suggesting high buying pressure or demand.
Moreover, data from DefiLlama shows Stellar’s Total Value Locked (TVL) has increased by 37% in the last seven days and nearly 10% over the past 24 hours. This metric demonstrates Stellar’s rising popularity, usability, and liquidity.
XLM Price Outlook
The chart above demonstrates a bullish market position for Stellar. The coin is changing hands at $0.1667, trading above the 50-day and 200-day Simple Moving Averages. This position depicts a short and long-term bullish signal.
The Moving Average Convergence/Divergence (MACD) is above the signal line with strong green histogram bars, demonstrating a strong bullish trend in the market.
The Relative Strength Index (RSI) is 73, above the overbought region, suggesting increased trading activity for XLM. Also, it shows the bulls have claimed control of the market. However, the RSI graph appears to be moving sideways, approaching a neutral position, which suggests a slight decline in trading activity.
The implication is that XLM could witness a trend reversal if the bears succeed in snatching control from the bulls. Otherwise, XLM could see more rallies and eventually touch $0.2 soon.
Featured image from Pixabay and chart from TradingView.com
