Strong Breakout In Stellar Token Price: What Levels To Watch?

• In the last 24 hours from the press time, the Stellar price has advanced by 10%.
• Stellar token has high liquidity based on its market cap.

Stellar is the 30th largest cryptocurrency in the global crypto market, with a market cap value of $2.906B. 

Price Overview Chart of XLM | Source: CoinMarketCap

The value of the traded volume for the Stellar token has advanced by 110% over the last 24 hours, resulting in a traded value of $108.746M. This further results in a volume/market cap ratio of 3.34%.

The token has 58% of its maximum supply circulating in the market, resulting in a supply of 29.228B XLM. Also, the total supply for the token is 50.001B XLM, which results in a fully diluted market cap of $4.958B.

The Stellar token price has advanced by 7900% from its all-time low of $0.001227, achieved ten years ago. Additionally, the token’s price is also down by 89% from its all-time high price.

The price volatility of the token is medium, resulting in 4.14%, which shows stability in the token’s trading price. It also has a strong market presence, resulting in a market cap dominance of 0.13%.

Stellar Crypto Derivatives Data Analysis

The value of the derivatives traded volume for Stellar token has advanced by 200% in the last 24 hours. This shows a strong demand for crypto among traders and investors. 

Stellar Crypto Derivatives Liquidation Chart | Source: Coinglass

While the liquidation chart of the token shows higher longs liquidated in the past few days, higher shorts have been liquidated in the last few days. It shows a reversal in the sentiment of the token. 

The open interest for the token further increased by 26%, resulting in a value of $32.94M. Also, the value of the shorts liquidated in the crypto in the last 24 hours is worth $93.83K against the longs liquidated $16.65K.

XLM Token Technical Analysis

For an extended period, the price of XLM experienced a steady decline, forming a series of lower lows on the daily chart. This downward trajectory was accompanied by trading within a falling wedge pattern, a common technical formation that often precedes a reversal.

XLM Crypto Daily Price Chart | Source: TradingView

In mid-June 2023, XLM saw a dramatic surge, with its price increasing by 150% in just one month. This sharp rise was followed by a period of consolidation, where the price paused and traded within a narrow range, indicating a phase of accumulation.

The XLM token has recently shown renewed strength by breaking above the falling wedge pattern with strong momentum. This breakout suggests that new highs may be on the horizon as the bullish sentiment appears to be gaining traction.

XLM/USD Chart by TradingView.com

On the daily chart, the Exponential Moving Averages for XLM were initially trading in a death crossover, with the price declining below the 200-day EMA. However, the price has recently broken above the 50-day EMA, suggesting a potential surge towards the 200-day EMA as bullish momentum builds.

The Moving Average Convergence Divergence and the signal line remained in negative territory, yet the metrics formed a golden crossover. At the time of writing, the histograms were losing strength, indicating a potential shift in the price trend shortly.

Additionally, the Relative Strength Index (RSI) has broken above the 50-level and has sustained this position, followed by a breakout above the 14-day Simple Moving Average (SMA). This movement underscores the increasing bullish momentum of the XLM token.

Summary

In the last 24 hours, Stellar’s price surged by 10%, breaking above key technical levels. 

With a 110% increase in traded volume and a golden crossover in MACD, bullish momentum is gaining. The RSI’s position above 50 and increasing demand in derivatives suggest new highs may be on the horizon.

The support levels for the XLM token are $0.050 and $0.0750, followed by the resistances of $0.1070 and $0.1430.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.