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Stellar (XLM) Shows Sharp Rise Amid Market Surge

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by Giorgi Kostiuk

10 months ago


The cryptocurrency market is experiencing significant growth following Donald Trump's victory in the U.S. elections. Bitcoin has reached a record level of $107,000, while Stellar (XLM) rose by 375% over the last 60 days. Today, XLM is back in the spotlight, showing a 6% increase after a major technical breakout.

Key Drivers of XLM Growth

XLM's rise occurred as it broke out of a descending triangle pattern that had kept the price in check since November 24. After an impressive earlier rally, Stellar entered a correction phase, testing support at $0.37.

Technical Breakout Details

Recently, XLM broke its upper descending trendline and horizontal resistance at $0.4531, confirming a breakout. It is now trading above these levels at $0.4560, indicating strong bullish momentum.

Outlook for XLM

If the breakout holds and the price successfully retests the newly breached levels, XLM could target its next resistance milestones at $0.51 and $0.64. This could result in potential gains of up to 40% from the current price.

The combination of strong technical indicators and market-wide bullish sentiment sets the stage for a promising rally for Stellar. However, traders should watch closely for a successful retest of the breakout zone to confirm sustained momentum.

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Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.