Stellar (XLM) is up as more gains reach the broader crypto market. While the price action of XRP appears to have stalled, XLM’s rally is still continuing. The payment solution token continued its bullish trend, posting a price increase of 19.66% on the day.
Stellar is now heading towards the $0.2 target as the bulls ramp up the move to defend the current support level.
Excellent price performance (XLM) in the past week
Cryptocurrency prices continue to trend upwards bitcoin It is fighting to defend the $30,000 mark and push to $31,000. Amid increasing fluctuations and anticipation for the month of July CPI data With inflation low, payment facilitators like XLM have been enjoying an upward flight.
The token has seen massive gains in the past weeks, with a monthly price increase of over 105%. The cryptocurrency has not disappointed investors even in the past seven days, reaping more than 71.60% weekly gains.
This drove upward momentum XLM price From 0.07922 USD to 0.1787 USD. Over the past seven days, the price of Stellar has fallen from $0.09707 to $0.1788, up more than 67%.
In the early hours of July 20, Stellar was trading at $0.1793, a 23% increase in value over the 24-hour period. However, the momentum stalled a bit, and Stellar price fell to $0.1667, with a price increase of 19.66% over the 24-hour period.
However, XLM remains bullish, with a pickup in trading activity. The token has seen a more than 270% increase in its trading volume over a 24-hour period, which indicates high buying or demand pressure.
Furthermore it, data From DefiLlama it shows that the total value of Stellar’s Locked (TVL) has increased by 37% in the past 7 days and almost 10% in the last 24 hours. This metric shows Stellar’s growing popularity, usability, and liquidity.
XLM price forecast
The above chart shows the bullish market situation for Stellar. The coin is trading at $0.1667, trading above The 50-day and 200-day simple moving averages. This position depicts a short and long term bullish signal.
The Moving Average Convergence/Divergence (MACD) is above the signal line with strong green histogram bars, which indicates a strong bullish trend in the market.
The Relative Strength Index (RSI) is at 73, above the overbought area, indicating increased trading activity for XLM. Also, it shows that the bulls have claimed control of the market. However, the RSI histogram appears to be moving sideways, approaching a neutral position, indicating a slight decrease in trading activity.
The implication is that XLM may see a trend reversal if the bears succeed in wresting control from the bulls. Otherwise, XLM could see more gains and finally reach $0.2 soon.
Featured image from Pixabay and chart from TradingView.com