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Stellar’s native token, $XLM, a major rival to the Ripple Labs-linked $XRP, has surged over 12% in its trading volume. Market participants now wonder if the coin’s price will follow the same upward movement.
Investors shift attention to Stellar
The increase in $XLM’s daily trading volume suggests rising investor activity on the Stellar network. Within the last 24 hours, the coin’s trading volume surged to $324 million, according to data from CoinMarketCap.
The spike in trading suggests that $XLM is in a consolidation phase, and therefore, the price is expected to regain its positive momentum soon. $XLM's price was trading at $0.30, with the market cap pegged at $9.2 billion. Notably, $XLM’s decline mirrors a broader market struggle, with Bitcoin (BTC) down 2.1% on the daily chart.
Likewise, the price of $XRP decreased by 1.9% over the previous day, trading at $2.54. Like $XLM, investors' activity in $XRP has increased substantially, surging by 40.25%. It is important to note that $XLM and $XRP usually mirror each other's movement.
However, the value of $XLM increased by 18% over the weekend, outpacing $XRP’s 12% rally. The 18% rally pushed Stellar from a low of $0.252 to an intraday high of $0.3086.
Stellar’s roller coaster movement
Stellar rebounded from lows of $0.252 on Feb. 28, rising for three consecutive days to a high of $0.375 on March 2. Shortly after this surge, $XLM fell back to the $0.30 level before finding its feet again.
By March 5, $XLM regained traction alongside a broader market rally, gaining over 9% in 24 hours.
Right now, traders are watching key resistance levels to see if $XLM can sustain its gains. The digital asset trades between its moving averages of 50 and 200, at $0.305 and $0.258. Crypto analyst Ali Martinez has forecast a 300% bull rally for $XLM if it breaks out from a symmetrical triangle pattern.