Stellar (XLM) price has demonstrated significant growth after breaking long-term resistance, attracting the attention of traders. The price increased by over 20% in recent days.
XLM Chart Analysis
The daily chart shows a powerful technical breakout. XLM had been consolidating within a downward wedge, and once the upper boundary was breached with high volume, bulls rushed in. A projected move of nearly 97% from the breakout point suggests a potential target around $0.58–$0.60.
Comparison with XRP
Interestingly, XLM's rise appears to mirror the recent price action of XRP, which also saw gains amid positive sentiment and confidence in Ripple's regulatory position. Stellar, sharing a similar story and technical structure, is now catching up to XRP.
What to Watch Next?
Traders are closely monitoring whether XLM can maintain its position above the $0.30–$0.32 zone, which previously acted as resistance. If it holds, it could flip into new support and open the door for the next leg higher. The first key resistance to watch is around the psychological level of $0.40, with subsequent levels at $0.50–$0.60.
With current momentum and positive sentiment in the altcoin space, Stellar may be gearing up for a larger move. Analysts note that XLM is finally waking up.
