u.today
Top $XRP rival Stellar ($XLM) has registered a 2.55% uptick in the last 24 hours and a 7.26% rise in the last seven days. This has pushed its price to $0.2977 as the asset continues to gain against $XRP amid an altcoin rebound.
Will $XLM hold its momentum into April?
CoinMarketCap data reveals that trading volume has also climbed by 15.01% to $193.61 million within the same time frame. This signals that investors are actively trading the coin as optimism grows.
Given $XLM's technical indicators, the market anticipates a likely price breakout. Notably, Stellar has formed an ascending triangle, and the price might rise to align with the projected movement.
As U.Today reported, analysts have spotted a potential breakout setup for $XLM. According to Ali Martinez, a renowned on-chain analyst, if a break occurs after $XLM consolidates, the value could surge by as much as 17%.
This break could occur as market participants pressure $XLM’s horizontal resistance level. Such a development might see $XLM flip $0.32 and possibly push to retest $0.40.
As of press time, $XLM's price was changing hands at $0.2985 as the community debated how high prices could go.
Trends acting as bullish catalyst For Stellar
Interestingly, some analysts opine that $XLM may sustain the current momentum into April. They believe the challenge will come if the $XLM tracks back based on Bitcoin-linked volatility.
Such a scenario could lead to a severe pullback, seeing the token test the $0.20 support level.
Investors hope the market does not witness intense liquidations like those at the beginning of March. Notably, over $495 million worth of $XLM were dumped onto the market, crashing the price to $0.276.
With the possibility of a golden cross ahead for $XLM, the bullish signal might help the token attain $0.40 or higher in the coming days.