Stellar (XLM) Bulls in Full Throttle, Will the 15% Blast-Off Continue?

• Stellar is trading at $0.46, marking a rally of over 15%.
• The daily trading volume of XLM has skyrocketed by 259%.

The volatile crypto market has staged a recovery attempt, with the assets pushing their prices to reclaim the recent highs. Notably, the largest assets like BTC and ETH are trading on the upside. Among the pack of altcoins, Stellar (XLM) has emerged as one of the top gainers, with a solid 15.35% surge in the past 24 hours.

In the early hours, XLM traded at a low range of $0.4005. After testing and breaking through the resistance levels between $0.4010 and $0.4669, the asset has climbed to a high of $0.4674. With the next crucial resistance in sight, the bulls may open the gateway for additional gains

At the time of writing, Stellar trades at around the $0.4641 mark, with its market cap reaching $14.48 billion, as per CMC data. The daily trading volume has skyrocketed by over 259% to $1.03 billion. In the meantime, the market has experienced a liquidation of $1.70 million worth of XLM during this interval

How High Can Stellar Go from Here?

The recent hourly price chart of the XLM/USDT pair shows that the price might extend its gains toward the $0.4647 range. With the prolonged bullish correction, the asset could break past its crucial resistance and test the $0.4653 mark. A shift in the market trend might trigger Stellar to shed its gains. The price could immediately plummet below the support at $0.4635. A steady downside correction from this range might push the price to $0.4629 or even lower.

*XLM chart (Source: TradingView)*Stellar’s Moving Average Convergence Divergence (MACD) line has crossed over the signal line. It is a bullish crossover indicating upward momentum. Also, the asset’s price could continue to rise if the trend holds. In addition, the Chaikin Money Flow (CMF) indicator found at 0.22 indicates a healthy buying pressure in the market. Since the value is above zero, it suggests that the money is flowing into the asset, which likely supports the bullish sentiment.

The daily Relative Strength Index (RSI) staying at 76.16 signals that the asset is in overbought territory. This often hints at a possible pullback or consolidation. Moreover, Stellar’s Bull Bear Power (BBP) reading of 0.0673 is slightly positive, implying the bulls have a mild dominance over the bears. As the momentum is not strong enough, the current sentiment could shift quickly.

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