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- Traders discuss the rapid growth that is Stellar Lumens (XLM) movements.
- One response speaks of the tremendous progress made by the asset.
- Many heavily consider XLM an asset to accumulate strongly.
In a Twitter discussion about what crypto traders should stock up on, XRP and XLM came to light. In particular, Stellar Lumens (XLM) ignites excitement amongst responses to the post. Specifically, one response spoke of XLM demonstrating significant technical indicators pointing towards a potential uptrend.
Stellar Lumens $XLM is heating up
— PUKACharts (@PUKACharts) August 24, 2023
1. Break above 10 Month SMA, combined with
2. Confirmed MACD Cross, combined with
3. Both occurring in the bull pattern time window.
All three have just occurred as of July 2023. IN ADDITION
4. This time we have broken above the POC, and
5.… pic.twitter.com/SnHeyNP5Qe
In detail, the response goes on to explain why and how XLM is heating up. To start off, it talks about the asset breaking above its 10-month SMA. In a bullish move, $XLM has surged above its 10-Month Simple Moving Average (SMA), indicating a potential shift in trend direction. This development has drawn the attention of traders and investors alike.
Next, the Moving Average Convergence Divergence (MACD) indicator, a popular momentum oscillator, has validated a cross in favor of a bullish trend. This intersection of the MACD line and the signal line is seen as a positive signal for potential price appreciation.
Accordingly, the post mentions the alignment with a bullish pattern time window. The occurrence of both the SMA breakout and the MACD cross within the expected timeframe of a bullish pattern further strengthens the potential bullish sentiment for XLM.
As of July 2023, all these factors have converged, creating an atmosphere of optimism for Stellar Lumens.
Adding to the positive outlook, XLM has broken above its Point of Control (POC). This level represents a significant price point where the most trading activity has historically occurred. Breaking above the POC can indicate a potential shift in market sentiment towards the bullish side.
In addition, the On-Balance Volume (OBV) indicator, which measures buying and selling pressure, has also shown a noteworthy development. XLM has broken out of its OBV resistance line, suggesting increased buying interest and potential accumulation.
These series of positive technical indicators are generating anticipation among traders and analysts. While the cryptocurrency market is known for its volatility, these signals point towards a potential trend reversal and upward movement for Stellar Lumens.