The Stellar (XLM) market has registered a price boost in the past day gaining by 10.77% according to data from CoinMarketCap. This price bounce comes after a rather bearish week marked by significant losses across the general crypto market. Interestingly, as these digital assets show some minor recovery, renowned market analyst Ali Martinez has postulated that XLM may be preparing for a major bullish swing. Related Reading: Solana Jumps 9% As Whales Quietly Accumulate Millions—Details XLM’s Bullish Flag Could Propel Prices To $1.20 – Analyst In an X post on March 1, Martinez shared an interesting technical analysis of the XLM market. According to the market expert, there is a bullish flag formation on the XLM/USDT 3-day trading chart signaling an incoming price surge. For context, the bullish flag pattern occurs when an asset experiences a steep rise in price representing the flagpole followed by a consolidation period with a declining price movement representing the flag. On the XLM/USDT chart, the bullish flag is formed following a price rally in November 2024 which is trailed by a price correction phase to date. However, while the bullish flag might signal a potential upward momentum ready to explode, Stellar must break beyond the upper boundary of the flag currently at $0.41 to confirm any price surge. Looking beyond this level, the altcoin will also face significant resistance to its upward movement at $1.00, $1.21, and $1.41 price levels respectively. However, in the presence of sufficient buying pressure, XLM could surge by at least 330% upon confirmation of bullish intent suggesting a minimum price of around $1.20. This projected rise of Stellar stems from historical data from which a bullish flag is expected to produce market gains similar to the length of its flagpole. Interestingly, the Relative Strength Index (RSI) on the XLM/USDT daily chart also supports the bullish potential of the altcoin. According to data from Tradingview, this RSI is currently at 4.59 headed in the upward direction, signaling more room for XLM price gains following its recent recovery. Related Reading: Dogecoin Holds Critical Support Level – Can Bulls Reclaim $0.25? XLM Price Overview At the time of writing, XLM trades at $0.3141 after its 10% price increase in the last 24 hours as earlier stated. Meanwhile, there is a slight reduction in market engagement as indicated by a 1.12% decline in daily trading volume. It is worth noting that XLM still remains in the red zone on its weekly and monthly timeframes with losses of 5.94% and 27.28%, respectively suggesting larger bearish market control in recent times. For a bullish flag breakout to materialize, XLM traders must increase the current buying pressure and induce a higher trading volume. Featured image from Bitpanda, chart from Tradingview
The asset manager's U.S.-registered version of the fund Franklin OnChain U.S. Government Money Fund has attracted $580 million in assets.
Learn how Stellar (XLM) enables seamless transactions, promotes financial inclusion, and supports a decentralized digital economy.
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Over the past week, Stellar native cryptocurrency, XLM, has experienced a solid 180% increase, causing a stir in the cryptocurrency market. As the token approaches its all-time peak, investors and analysts are abuzz with excitement. Related Reading: XRP Below $1? Not Happening, Claims Millionaire Analyst Stellar’s market capitalization has reached $17.3 billion, surpassing Shiba Inu and approaching the top 10 cryptocurrencies, following an impressive 480% increase in the last month. Many people are wondering if XLM can keep up this impressive performance or if it is about to take a turn for the worse. The path of the token is definitely interesting, even though experts seem to have different opinions. #XLM price has increased by over 480% in the past 30 days and more than 180% in the past 7 days. Currently, #Stellar is trading at $0.566, meaning it is only a few steps away from reaching its previous all-time high. pic.twitter.com/SrdPgDAoio — Cryptowizard101 (@realwizard101) November 24, 2024 Stellar: Riding A Wave Of Optimism The significant buying interest and expanding investor confidence that drove XLM’s price increase from $0.302 to a peak of $0.6342 are indicative of a robust bullish push. Stellar’s founder, Jed McCaleb, heightened the anticipation by referring to the initiative as “the most underrated and least understood crypto.” A lot of new people looking at Stellar so I thought I’d write down some quick thoughts about why Stellar is worth your time. IMHO Stellar is the most underrated and least understood crypto project. A lot of recent attention but people are still sleeping on this network. Stellar… — Jed McCaleb (@JedMcCaleb) November 23, 2024 His audacious statement is consistent with the increasing sentiment that Stellar’s potential is finally being acknowledged. Historical tendencies support optimism. XLM’s recent rise resembles its November 2017 and 2021 explosions, suggesting a cyclical trend. Analysts say the token is about to break out of a long-term descending triangle pattern, which might lead to a bullish phase if resistance levels are broken. Overbought? In spite of the current surge in interest, technical signs point to caution. The Relative Strength Index for XLM has risen to 92, much above the 70 threshold for an overbought level. This frequently acts as a precursor to a potential price adjustment. Similarly, the price of XLM has broken beyond the upper limit of its Bollinger Bands, a measure of volatility. This suggests that the asset may have been overextended. Related Reading: Chainlink Rockets 20%: Whale Activity Sparks Break From Bear Trend The Road Ahead For XLM Though there is always chance of short-term challenges, XLM’s long-term future seems bright. In the next three months analysts predict an 81% rise; in the next six months a 48% rise; then in the next year a 41% rise. These figures clearly show the great faith in Stellar’s foundations and the optimistic momentum of the larger market. The primary concern is whether Stellar can maintain its growth and reclaim its all-time high as it approaches critical resistance levels. Although caution is necessary, the current rally emphasizes the growing interest in Stellar’s ecosystem, rendering XLM a token that should be closely monitored in the months ahead. Featured image from shutterstock/Yuriy Mazur, chart from TradingView
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The fund’s official record of share ownership is kept on the Stellar network and the fund may also use Polygon and Arbitrum for certain accounts.
The "Protocol 20" upgrade, which adds support for Ethereum-style smart contracts to the decade-old payments-focused blockchain, had been delayed by three weeks due to precautions after a bug was found.
A bug identified on Jan. 25 was deemed to pose "little risk," but after receiving "robust feedback" from the blockchain's developer community, the Stellar Development Foundation opted to "disarm" its validators ahead of the Jan. 30 target date for the Protocol 20 upgrade.