Stellar XLM Crypto Price shows signs of a major reversal as analysts point to an emerging breakout following an on-chain surge.
XLM shows signs of a potential breakout, driven by a notable increase in on-chain activity and investor confidence. Recent data indicates a surge in open interest, with 483.42 million XLM, valued at approximately $117.68 million, committed to futures contracts. This uptick suggests that traders are positioning themselves for a significant price movement.
On the network side, Stellar has experienced a substantial rise in activity. Over the past 30 days, the number of active addresses has exceeded 1.4 million, and the network has processed over 74 million transactions, placing it among the most active blockchain networks.
Technical indicators further support the bullish sentiment. The Relative Strength Index (RSI) has climbed to 63.42, indicating growing buying pressure without reaching overbought conditions.
Additionally, the Directional Movement Index (DMI) shows that the bulls are in control, with the Average Directional Index (ADX) rising above 30, confirming a strengthening trend.
These developments suggest that Stellar is gaining momentum, and if current trends continue, its price could increase significantly. The following analysis will explore the technical aspects and price levels to watch for XLM in the coming weeks.
XLM Price Analysis: Is Stellar Crypto Heading for a Breakout in the XLM Price Chart?
While Stellar grinds up in the charts, XLM currently trades at a market price of $0.24 (representing a 24-hour gain of +0.33%).
This comes after rock-bottom support was established above $0.182, setting the stage for a breakout retest of the 200DMA, which has dominated price action for three weeks.
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Now pushing to the upside, the overhead ceiling stemming from the moving average sets the target at $0.27, a level which would cement XLM price’s recovery.
Glimpsing at the key indicator, the RSI, which is reading at 43.5 a sign of bullish divergence, it seems possible that the lengthy consolidation above baseline support can set the stage for a return to the upside.
Yet, this also remains dependent on a successful move from sister token XRP – something analysts remain hopeful for after XRP sheltered from the worst recent market losses.
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