Stellar (XLM) is moving in an upward consolidation phase following the emergence of bullish power in the crypto market. According to CoinMarketCap, the XLM price has remained stable over the last 24 hours, but it has surged by 4.16% over the last week.
At the time of writing, XLM is trading at $0.1746, with a trading volume of $123.25 million, which has declined by 12.94% over the last 24 hours. However, its market capitalization stands at $5.81 billion, which is stable.
Source: CoinMarketCap
Also Read: XLM Eyes a Breakout Toward $0.43 as Stellar RWA Ecosystem Tops $2B
Furthermore, the crypto analyst Sjuul pointed out that XLM is once again pressing against a key resistance level that has now been tested five times. In technical analysis, resistance marks a zone where selling pressure typically halts upward movement.
However, repeated challenges suggest buyers are gaining strength, gradually absorbing sell orders and increasing the likelihood that this long-standing barrier may soon break.
Source: Sjuul’s X Post
With each subsequent test, the resistance continues to erode as the persistent buying pressure nibbles away at it. The market sentiment seems to be changing, and the traders are watching for any break-out signal with keen interest.
Although resistance may persist under certain circumstances, the technical formation being created around XLM suggests that the bullish strength is growing, raising expectations of an upswing soon.
According to TradingView, indications of a bullish reversal are emerging for XLM since the price has moved above the midpoint of the Bollinger Bands.
At the price of $0.175, the digital currency is approaching resistance levels at $0.182 on the upper Bollinger Band. The growing buying activity indicates that the uptrend is moving away from consolidation.
Source: TradingView
Following this trend, the MACD is seen crossing the orange signal line upwards but in the positive zone.
In addition, the green bars in the histogram are getting larger, showing the increase in momentum. With the price moving towards the top band, traders are watching out for any form of resistance that may show up.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Stellar (XLM) Strengthens on MoneyGram Expansion, Eyes 20% Upside
