On Monday morning, the cryptocurrency market reversed course after a rise on Sunday, with most major cryptocurrencies, including Stellar (XLM), trading in the red.
Market Overview
On Monday morning, the cryptocurrency market demonstrated a reversal after Sunday’s increase. Bitcoin surged to its all-time high of $107,137, passing the $106,000 mark for the first time since January. Other top cryptocurrencies also displayed significant daily gains.
Situation with Stellar (XLM)
Stellar (XLM) benefited from Sunday’s spike, reaching a high of $0.297 after a four-day dip, but later fell further on Monday morning. At press time, Stellar (XLM) was down 3.49% in the last 24 hours to $0.2814 and down 10.87% weekly. Stellar's 24-hour trading volume surged by 88.83% to $270 million, attracting traders amidst market volatility.
Forecasts and Technical Analysis
As selling pressure amplifies in the cryptocurrency market, Stellar (XLM) is approaching a major support test. Analyst Ali warns that XLM must hold the $0.27 level to avoid a deeper correction of 14% down to $0.23. "Stellar (XLM) needs to hold $0.27 to avoid a 14% correction to $0.23," he noted in a recent post. Currently trading around $0.276, bulls are actively defending the $0.27 range. If this support is maintained, XLM could aim to retest the $0.323 level before reaching the May 12 high of $0.334. Conversely, further selling pressure could target a drop toward the $0.266 level.
The current situation in the cryptocurrency market indicates heightened volatility, and Stellar (XLM)'s future movement will depend on its ability to hold the $0.27 level.
