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Stellar ($XLM) has, in the last 30 days, gained 80.62% in price as momentum continues to rise. The technical setup of the asset suggests that its value could hit $0.50 if bullish sentiment lingers in the market space.
Stellar's golden cross signals breakout potential
As per CoinMarketCap data, Stellar is teasing a golden cross that could see its price inch closer to the $0.50 level. Notably, the 9-day and 26-day moving averages of $XLM are likely to cross over on the hourly chart, signaling that upward momentum might be building.
For clarity, a golden cross forms when short-term moving averages cross above a long-term moving average. On the $XLM’s chart, this is about to happen, and from all indications, the asset’s price could climb above its current level.
As of press time, Stellar was changing hands at $0.4288, which reflects a 2.15% decline in the last 24 hours. $XLM previously traded at a peak of $0.4376 before being hit by market volatility as Bitcoin regained market dominance.
Additionally, Stellar’s Relative Strength Index (RSI) has dropped below neutral at 48.52. This suggests weakening momentum after a highly bullish July. However, $XLM is registering increased trading volume and has climbed into the green zone by 0.99% at $397.73 million.
Such an uptick could support further price increases and push Stellar to flip the $0.50 level.
Analyst endorses bullish Nlnarrative
If Stellar investors increase their activities, $XLM might hit a significantly bullish July and third quarter. Closing July on a bullish note would mean the crypto asset has maintained a record six-year streak for the month.
Interestingly, Peter Brandt, a veteran commodity trader, suggests that $XLM might end up becoming a "rock star" in the crypto space. According to him, Stellar's technical charts indicate breakout potential in the near future.