The price of Stellar (XLM) showed significant growth, increasing by 30% over the last ten days, potentially signaling the beginning of a new rally. An overview of the factors contributing to this change.
Recent Price Surge of Stellar
For several weeks, XLM's price had been gradually trending lower within a descending channel. However, on July 8, the price broke out of this structure dramatically. After bouncing off the lower boundary near $0.22 in late June, XLM slowly climbed towards the upper resistance line of the channel, reaching it on July 7 and then breaking through with one of the largest daily candles seen in months. This breakout took the price from just below $0.26 up to nearly $0.30.
Analysts' Future Predictions
Analyst Scopuly on the X platform noted that Stellar has finally 'broken free' from months of downtrend pressure. He pointed out that the rally started from the $0.22 level, which acted as a strong support for several weeks. Scopuly highlighted that $0.32 is the next major target for XLM, emphasizing its strong technical significance by aligning with the value area high.
Current Market Conditions and Support
Currently, the price hovers around $0.29. The chart confirms XLM's potential to flip previous resistance into a new support level. If this momentum continues, Stellar could enter a larger rally phase. A visible support level at $0.22 correlates with recent swing lows, and if the price breaks through $0.32, it could extend the rally further.
The current price changes in Stellar (XLM) and resistance breakout suggest that the asset may continue to grow. Market conditions and trader attention imply further potential increases in value.
