- Stellar (XLM) sees a remarkable 19.66% rise in price, targeting the $0.2 milestone amid an ongoing bull market.
- The digital payment token is witnessing an increased 24-hour trading volume, indicating strong buying pressure and a potential threat to XRP.
In a sea of bullish currents, Stellar (XLM), a leading cryptocurrency, has traced an impressive upward trajectory. XLM has gathered a stunning 19.66% daily appreciation, exhibiting a robust bullish trend in the marketplace. With XRP’s price progression seeming static, XLM’s growth could pose a real challenge to its long-standing rival.
Stellar’s Strong Performance Amid Market Volatility
Crypto market trends appear highly oscillatory as Bitcoin fights to hold onto the $30,000 barrier while seeking to cross the $31,000 threshold. In these choppy market waters, XLM, a major payment facilitator, has been sailing smoothly on a bullish tide. This token has recorded massive gains over the past few weeks, boasting a staggering 105% monthly price increment. In fact, even the past week has seen XLM rewarding investors with a sizable 71.60% weekly boost.
XLM’s bullish momentum has significantly uplifted its price from $0.07922 to $0.1787 in a short span. In the last seven days, Stellar’s price variation has ranged from a low of $0.09707 to a high of $0.1788, marking a more than 67% increase.
In the wee hours of July 20, Stellar traded at $0.1793, reflecting a 23% 24-hour gain in value. While there has been a minor pullback to $0.1667, a 19.66% 24-hour price upswing, the general trend remains positive. A surge in trading activity underpins this optimism, with the token witnessing a striking 270% escalation in its 24-hour trading volume, an indicator of high purchasing demand.
Stellar’s Ascending Popularity and Its Implications
Data from DefiLlama reveals an upward trend in Stellar’s Total Value Locked (TVL) – a 37% increase over the last seven days and nearly 10% over the past 24 hours. This statistic bears testimony to Stellar’s escalating popularity, usability, and liquidity in the market.
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The market position for Stellar, as depicted by the XLMUSD price chart from TradingView.com, is unequivocally bullish. Trading above the 50-day and 200-day Simple Moving Averages, Stellar presents both short and long-term bullish signals. A strong bullish trend is reinforced by the Moving Average Convergence/Divergence (MACD) positioned above the signal line with robust green histogram bars.
The Relative Strength Index (RSI) being above 70 denotes heightened trading activity for XLM. This demonstrates that the bulls are firmly in control of the market. However, the RSI graph’s lateral movement, edging towards a neutral position, hints at a slight decline in trading activity.
Assuming the bulls maintain their grip on the market, XLM could experience additional rallies, potentially touching $0.2 in the near future. However, any bearish interference could precipitate a trend reversal. With Stellar’s performance over the past weeks and its current momentum, the crypto community will be keenly observing its journey toward the $0.2 mark and possibly beyond.
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