The cryptocurrency Stellar (XLM) is showing signs of growth, with its technical analysis indicating a potential reach towards the $0.30 mark.
Technical Situation of Stellar
According to the daily chart, Stellar has successfully regained three key exponential moving averages: 50 EMA, 100 EMA, and 200 EMA. This indicates a return of medium-term control by bulls. The ability to stay above the 200 EMA, which served as a crucial support level during the most recent market decline, reinforces this trend.
Comparison with XRP
XRP is currently close to significant long-term resistance around $3 after breaking above its declining trendline and soaring toward $2.60. This month, Stellar is following a similar pattern, although its growth is less explosive due to its smaller market cap and lower liquidity. If the correlation holds true, Stellar may only be a few strong candles away from its own aggressive push.
Factors Influencing Growth
However, XLM's expansion is contingent on the overall market's risk tolerance. A decline in majors like ETH or BTC could disrupt this arrangement. Reaching the $0.30 level might change market sentiment and pave the way for additional highs not seen since early 2022, provided market stability is maintained.
Thus, Stellar (XLM) is showing potential signs of rising to $0.30, but remains reliant on the overall state of the cryptocurrency market.
