Stellar Shoots Up in +64% XLM Price Pump: But Why is XLM Pumping?
Retail investors are scrambling to ask, why is XLM going up? And why is XLM pumping? In this article, jump in and take a look as Stellar crypto is bouncing back with a +64% XLM price gain over the past 24-hours.
Stellar Lumens (XLM)
Price
Trading volume in 24h
Last 7d price movement
has sent a shockwave through the crypto market after bouncing back dramatically over the past 2-weeks.
This follows years of hard-fought crypto winter for the old-school cryptocurrency, which has pulled off something of a miracle after erasing a 3-year downtrend in the chart in the space of 2-weeks.
Market sentiment appears to have switched to impressive bullish poise amid the move, with some in the crypto community calling for XLM price to hit $1 within the next week if the current bull-flag holds true, but many are still wondering why is XLM going up ad why is XLM pumping?
$XLM 1hr chart is waving a Bull Flag 🏁 pic.twitter.com/uQMxNwXKL3
— RISKTAKE. (@RiskzTake) November 23, 2024
Now trading up a magnificent +443% gain over the past 30 days, the reason behind the pump stems from a broader shift to adoptive tones in the United States stemming from Trump’s election win.
With crypto industry boogeyman Gary Gensler stepping out the door and crypto markets pushing into overdrive, the road now seems clear for XLM growth, and big players are taking notice.
Furthermore, in answer to the question ‘Why is XLM pumping?’, in a boost on Friday, institutional crypto giant Grayscale filed a 10-K form revealing that the company had added more XLM holdings to its Stellar Lumens Trust – in a boost to the total XLM holding.
XLM Price Analysis: Stellar Heading To $1 As Bull Flag Illuminates XLM Crypto Trajectory
As Stellar continues to push to the upside, bulls are still targeting a re-test of the all-time high at $0.80, while XLM is currently trading at a market price of $0.50 (representing a 24-hour change of +48%).
This comes amid an incredibly bullish 1H chart structure for XLM price, which is flying high with sustained support from an aggressively ascendant 20DMA at $0.45.
(XLMUSDT)
The 20DMA has provided underfoot support to much of the recovery move by XLM after mounting a ‘golden cross’ divergence above the 200DMA (standing at $0.25) in early November.
On the short-time frame, this sees XLM price now in consolidation as it signals strength after the huge rally earlier in the day, leaving a bullish pendant pattern in the chart.
Indeed, shifting attention to the RSI could be for a good reason, with the momentum indicator currently over-extended and severely overbought at 72.3.
While the RSI can stay over-extended for long periods, this reinforces the view that the XLM price will consolidate at current levels before attempting to mount a re-test of $0.80 (a possible +60% gain).
(XLMUSDT)
In the event of a breakdown, downside risk seems limited here by strong lower support at $0.45 from the 20DMA (-8.7%) and $0.25 from the 200DMA (-50%).
This, therefore, leaves XLM price with a risk: reward ratio of 1.2 – a reasonably good entry – although limited in potential upside profit from here.
For this reason, smart money traders prefer to focus their attention on lower-cap coins with higher upside potential in the coming week.
DON’T MISS: This New Cat Coin Just Launched, And It Could 10X By Tomorrow – Meet CatSlap
Yesterday, a new cat coin launched onto the scene, and it’s already sending tremours through the meme coin space after erupting +3,500% in its first 24-hour of trading.
Now with a $19M market cap, CatSlap (SLAP) shows no signs of slowing down on DEX markets. The new token continues to make consecutive all-time high moves.
Coaxed on by a huge influx of $2.46M in trading volume in its first 24-hours, CatSlap has now built a loyal legion of 2,560 holders amid a +91.55% move on day 2.
And with SLAP price still ripping high, things are starting to look like they could go parabolic, with an impressive 79% buy-pressure in the order book suggesting that SLAP is still in deep accumulation.
It’s easy to see why degen crypto whales are flocking to this trade, too. Cat coins are big business, and CatSlap’s backing by major KOL influencers indicates the coin could easily pip a rival token such as MICHI.
Indeed, MICHI has a market cap of $148M, which is an alluring target this weekend for SLAP degens. It could represent a potential 7.7X move in the next few days—the S&P500 certainly can’t boast that!
So don’t miss out on the next big cat coin this time. Visit CatSlap here, and follow the project on X to stay updated on the skyrocketing climb.
EXPLORE: BONK Flips WIF Targets DOGE Crown: Some Traders Are Now Storing Profits In BONK Rather Than SOL
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