The Stellar (XLM) price is in focus today as it has skyrocketed 9%, with the XLM/USD trading at $0.102. The noticeable price surge is accompanied by a 204% increase in trading volume to $278 million, which suggests a recent rise in market activity among traders and investors.
After forming a solid support base around $0.085, Stellar (XLM) saw a substantial increase above $0.101 following the XRP surge. The SEC recently declared XRP not a security, ending the case with a fine.
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Regardless of your opinion on $XRP…
It never gets old watching @GaryGensler & SEC lose another crypto case.
•Ripple forced to pay $125M instead of $2B
•Judge rules that XRP is not a security pic.twitter.com/CMLmwBQINl— Luke Martin (@VentureCoinist) August 7, 2024
Besides the outstanding developments in XRP, famous analyst Javon Marks expects Stellar to continue its bullish rally, with a target price of $0.681. According to Marks, XLM’s price will be able to maintain its breakout level and establish a significantly higher low.
$XLM (Stellar)'s target @ $0.681 remains here as these prices continue to hold broken out and with a massive set of Higher Lows that can be indicating its uptrend from 2020-2021 to still be in tact.
These Higher Lows and breakout could be calling for an over 594% climb back near… https://t.co/f4RqqlzNhY pic.twitter.com/terhrWX92c
— JAVON⚡️MARKS (@JavonTM1) August 7, 2024
Javon Mark’s stance predicts an upward movement comparable to that observed in 2020–2021. These higher lows and breakouts could call for a 594% return, if not above all-time highs (ATH).
Stellar (XLM) Price Statistical Data
Based on CoinmarketCap data:
- XLM price now – $0.102
- XLM market cap – $3.01 billion
- XLM total supply – 29 billion
- XLM circulating supply – 50 billion
- XLM ranking – #26
Will the Bulls Sustain the Upward Momentum?
The Stellar price has flipped bullishly today, breaking above the falling channel. The coin dropped significantly since mid-July to a low of $0.078. However, the token has rebounded, establishing strong support at $0.085, enabling the bulls to initiate an upward trend. Stellar’s technical outlook turned bullish following the token’s rebound from the $0.085 support.
Based on the outlook, the bulls have flipped the 50-day Simple Moving Average (green) into support at $0.096 as they target the next resistance at $0.112. If the bulls flip the 200-day Simple Moving Average in (blue) into support, the XLM price could soar to new levels.
Moreover, the Relative Strength Index (RSI) has its strength at 56. In this case, the bulls have the upper hand, as there is more room to push the altcoin to the north. Increased buying pressure will see the RSI jump to the 70-overbought zone.
The Moving Average Convergence Divergence (MACD) is teasing with a buy signal in the XLM market. This will only be manifested if the MACD indicator (blue) flips above the signal line (orange), validating the bullish sentiment.
XLM Price Future Outlook
The bulls show resilience in the daily chart timeframe, as the technical indicators support the outlook. However, Stellar’s upward trajectory will continue if the buyers flip the resistance at $0.112 into immediate support. The next significant rendezvous for the bulls is the $0.140 level but with the ability to spread their wings to $0.160.
For now, all eyes are on two levels: the immediate resistance at $0.112, which might allow buyers to elevate XLM higher toward $0.160 if weakened. The second level is the immediate support at $0.096. Resting this support will confirm that selling pressure is minimal and that bulls can push for more gains.
Conversely, if the sellers step in and the crypto market turns negative, the XLM price could drop. Moreover, a breach below the $0.096 support key would invalidate the bullish sentiment. The XLM price could retest the 0.085 psychological level in such a case.
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