Is Stellar the Next Ripple? Bullish Action as XLM Spikes 32% in A Day

Cryptocurrency

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

November 17, 2024

Stellar (XLM) has emerged as a standout performer in the cryptocurrency market, surging by over 32% in the last 24 hours to trade at $0.1996. This dramatic rise saw its market capitalization hit $5.98 billion with a trading volume of $3.09 billion, placing Stellar at #23.

The broader crypto market also showed strength, with altcoins like Ripple (up 11%) and Solana (up 8.67%) adding to the momentum.

Stellar’s breakout follows its completion of a 38.2% Fibonacci retracement, with support stabilizing at $0.1980. If the bullish sentiment continues, resistance at $0.2145 could become the next critical level to watch.

Stellar Price Prediction: Technical Analysis and Key Levels in Focus

Currently, XLM’s bullish momentum is supported by its 50-day Exponential Moving Average (EMA) at $0.1600. Resistance lies at $0.2145, with subsequent hurdles at $0.2278 and $0.2403. On the downside, support holds at $0.1980, with additional levels at $0.1847 and $0.1716.

The Relative Strength Index (RSI) of 64 suggests buyers are still in control but also warns of potential overbought conditions.

A break above $0.2145 could spark a rally toward $0.2278 and $0.2403, while losing support at $0.1980 may lead to retracements toward $0.1847.

Market Implications and Altcoin Trends

Stellar’s performance reflects broader altcoin optimism. Bitcoin dominance has dipped to 57.21%, signaling stronger participation in altcoins.

Ripple surpassed $1, rising by 11%, while tokens like AVAX and TON saw gains of 5% and 4%, respectively. In contrast, meme coins Dogecoin and Shiba Inu faced losses of over 4%.

XLM’s rise comes amid growing interest in projects offering fast transactions and low fees, reinforcing its relevance in the evolving crypto ecosystem.

Key Takeaways

• Immediate Resistance: $0.2145, followed by $0.2278 and $0.2403.
• Support Levels: $0.1980 pivot point, $0.1847, and $0.1716.
• Momentum: RSI at 64 signals bullish strength but nears overbought territory.

Stellar’s trajectory remains bullish, with critical levels poised to determine its next move. Traders are advised to watch $0.2145 for further upside potential.

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