Stellar (XLM) Price Sees Explosive Growth: 100% Jump In 1 Week

• XLM price has enlisted a whopping surge of over 100% in a week.
• Hoskinson discussed the possibility of collaborating with Cardano and Stellar.

Stellar (XLM) price has witnessed a sharp surge of over 98% in a week. This pushed the altcoin to the 52-week high zone.

Furthermore, the XLM price has witnessed a falling channel breakout and a golden crossover. That coincides with the bullish stance. The trading volume was steadily high during the move and higher this week.

XLM and XRP share similar antecedents, as Jed McCaleb co-founded both. Both have similar goals of facilitating cross-border transactions.

XRP has soared over 50% above the $1.00 mark due to suspicions that SEC Chair Gary Gensler may resign soon. Additionally, this development has increased investor trust in Stellar.

This stirred up the market and made them realize that they serve the same purpose and interconnected nodes, which amplified the Stellar price by over 100% in a week.

When writing, the XLM price traded at $0.2397, noting a decline of 3.20% over the past 24 hours. The market cap slipped to $7.18 Billion, while the circulating supply was 29.97 Billion.

Speculation Mounts as Cardano and Stellar Explore Collaboration

Charles Hoskinson, the founder of Cardano (ADA), has recently unveiled a potential collaboration with Stellar. He said that this was unrelated to the current business, although he was negotiating with Jed McCaleb, the co-founder of Stellar.

He mentioned that Stellar was involved in several of the Cardano efforts they are working on. Moreover, he added that they are in touch with the XLM team on a daily basis and call them ‘good people.’

Hoskinson confirmed that the talks are not about a direct relationship. However, this signifies an impending partnership or increased communication between Cardano and Stellar.

XLM Price Prediction: Key Levels to Watch

XLM’s price prediction suggested that the altcoin was traded under a bullish bias. It may continue to rally significantly in the coming sessions.

The token has witnessed a successful breakout of the channel’s hurdle of $0.1600. With this, there is a high possibility that the XLM price could continue to gain follow-on bullish momentum. Furthermore, it may next cross the 78.6% Fib level of $0.2800.

Technical indicators such as the Relative Strength Index (RSI) and Exponential Moving Averages (EMA) further supported this bullish outlook. The RSI line stayed around 78 at press time, conveying the heightened buying pressure. A positive divergence was noted in the weekly timeframe.

In addition to this, the Average Directional Index (ADX) supported the rising bullish pressure. This conveyed that the uptrend was intact, and buyers had maintained their grip.

Moreover, the on-chain analysis from Coinglass indicates that XLM’s Long/Short ratio was 0.9771 in the 24-hour timeframe. That indicated bullish market sentiment.

Additionally, the OI-weighted funding rate has remained in the positive region. It appears that bulls were dominating the asset, and the sentiment was positive. This could lead to a significant upside in the following sessions.

The immediate support zones were $0.2280 and $0.2130. At the same time, the upside hurdles were $0.2500 and $0.2650.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.