As President-elect Donald Trump's inauguration approaches, the cryptocurrency landscape shows a bullish trend. A standout performer is Stellar (XLM), which has seen a significant price increase.
Current Price Momentum
Today, January 15, 2025, the overall market sentiment has changed, with major assets like Bitcoin (BTC), Ethereum (ETH), and XRP experiencing substantial gains. This shift has influenced the market, causing XLM's price to jump by 16% in the past 24 hours. Currently, XLM is trading near $0.458, with significant participation from traders and investors, leading to a 240% increase in trading volume during the same period.
Reason Behind XLM Price Rally
Aside from President-elect Donald Trump's inauguration, another major factor affecting XLM's price is the Securities and Exchange Commission's (SEC) upcoming review plan for crypto enforcement cases. These cases are pending in court and may be frozen if they do not involve fraud allegations.
XLM Technical Analysis and Upcoming Levels
These factors are currently influencing the price of XLM and other assets. However, this price surge has triggered a breakout of a bullish inverted head and shoulders pattern. Previously, $0.45 was a strong resistance level for XLM, but it has finally been breached with bullish momentum. Based on historical price momentum, if XLM maintains its position above this resistance level, there is a strong possibility that it could surge by 30% to reach the $0.65 mark in the near future. Despite the notable price surge in the past 24 hours, XLM’s Relative Strength Index (RSI) remains below the overbought zone, indicating that the asset has enough room to continue its upward momentum toward the speculated target.
In conclusion, despite the current price surge, some long-term holders and whales seem to be engaging in profit-taking, potentially leading to a sell-off. This is normal market behavior, and there is a strong possibility it won’t impact XLM price.