Stellar (XLM) has witnessed a significant price surge, jumping 6% and outpacing the broader cryptocurrency market’s 4.03% growth. This upward movement is attributed to the asset confirming a golden cross on its three-hour chart. 📈 📊
The technical event is significant as Stellar’s nine-day moving average now exceeds the 26-day moving average, shifting momentum for the asset.
Current prices stand at $0.4132 after a 5.32% increase in 24 hours, briefly hitting $0.4287 before a correction in the market. 📈.
Despite the slight dip, investor sentiment remains bullish with a possible target of $0.6. This is evident in the surging trading volume: it surged by a massive 147.31% to reach $564.63 million within the same timeframe.
Stellar’s momentum is also benefiting from the broader market recovery, with Bitcoin stabilizing above $115,000 and fueling hopes of an upcoming rally.
Meanwhile, altcoins are regaining their footing as capital flows from Bitcoin to other assets.
Can Stellar break through the $0.50 resistance? 🤔
Ali Martinez, a popular on-chain analyst, previously predicted that if the asset breaks past $0.50 resistance, it could soar to $0.77. However, this was not achieved before experiencing market volatility.
In August, when the broader altcoin market entered bullish mode, XLM surged by 16% within seven days. With the month drawing to a close, some market participants anticipate a final push for the $0.50 mark.
Read the original article on U.Today.