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Stellar ($XLM) has gained more than 9% in the last 24 hours, reaching a high of $0.308 in the early Wednesday session. $XLM is gaining traction, along with the rest of the cryptocurrency market.
At the time of writing, $XLM was up 7.43% in the last 24 hours, reaching $0.30. With the jump, $XLM is surpassing $XRP, which has increased by 6.43% in the last 24 hours.
The recent price increase in Stellar ($XLM) coincides with a broader crypto market recovery. Crypto regained the majority of its losses on Tuesday, with Bitcoin's price recovering to the crucial $90,000 milestone.
Stellar and $XRP have always correlated in price movement, with both moving in tandem and vice versa. However, recent days have indicated a slight decoupling or either of the assets outpacing another in gains.
$XRP saw a massive surge over the weekend, following the announcement of a crypto strategic reserve, which included $XRP, ADA, SOL, BTC and ETH. $XRP surged 35% in Sunday's session, while $XLM only saw 13% gains in this time frame.
What's ahead for $XLM?
After days of decline, Stellar ($XLM) rebounded from lows of $0.252 on Feb. 28, rising for three consecutive days to a high of $0.375 on March 2.
In line with the crypto market crash on Monday, which resulted in over $1 billion in liquidations, $XLM fell from a high of $0.361 to $0.289 before recovering on Tuesday.
The rebound continued in today's session, with traders now watching key resistance levels to see if $XLM can sustain its gains. $XLM is currently trading between its moving averages of 50 and 200, at $0.363 and $0.258.
A break either up or below the moving averages might spell $XLM 's next direction trend. If bullish momentum continues, the token may extend its surge, attracting even more attention from investors.
A break above the daily SMA 50 may target $0.51 and $0.63 next, while support remains at the daily SMA 200 at $0.258. According to Ali, a crypto analyst, Stellar ($XLM) is setting up for a 300% bull rally if a breakout from a symmetrical triangle pattern is validated.