Stellar’s XLM Price Rises 4% as Bulls Get Ready for Major Breakout to $0,15

• Stellar (XLM) surged due to high social engagement and positive metrics, pushing its price up by 4% in 24 hours.

• Bullish metrics and active trading drove XLM’s recent performance, but caution is advised due to potential selling pressure.

Stellar (XLM), a prominent cryptocurrency, has recently experienced a substantial uptick in social activity, contributing significantly to its remarkable price surge. As per insights from LunarCrush, XLM remarkably claimed the top position among cryptocurrencies regarding social engagement on October 23rd. Impressively, it garnered 874 social mentions and maintained a daily engagement exceeding 28.4 million, highlighting its robust presence in the crypto community.

⚡️Coin of the day by social activity – @StellarOrg $XLM
23 October 2023

Stellar $XLM is an open-source, decentralized payments network. pic.twitter.com/ihfyQ7jqxI

— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) October 23, 2023

The surge in social activity is not the only bullish sign for Stellar (XLM). The cryptocurrency has exhibited a promising Galaxy Score of 46 and a low Altrank of 63, both indicative of positive sentiment and investor confidence. These encouraging metrics have played a pivotal role in driving XLM’s price upwards, with a notable 4% increase in the past 24 hours.

Catalysts Behind the Upward Momentum

Several factors have contributed to this impressive price surge. Stellar’s Price Volatility 1w has witnessed a significant uptick, underscoring heightened trading activity. Binance Funding Rate for XLM has also consistently remained green, reflecting active buying interest among derivatives traders.

Additionally, Stellar’s open interest growth has closely mirrored the price uptrend, further reinforcing the bullish sentiment.

Despite the overall positive outlook, it’s essential to exercise caution, considering certain emerging cautionary signals.

At the time of this report, XLM’s open interest displayed a minor downtick, hinting at the possibility of profit-taking by traders. Relative Strength Index (RSI), as per data from CryptoQuant, has entered an overbought territory. This development raises concerns regarding the potential for increased selling pressure, which could potentially put a halt to the ongoing bullish trend.

Technical Indicators and Price Outlook

An examination of technical indicators reveals an increasingly bullish trend. The Moving Average Convergence Divergence (MACD) for XLM/USD is steadily gaining momentum within the bullish zone, indicating the potential for further price appreciation.

Likewise, the Relative Strength Index (RSI) for the pair has now surpassed the 50 level, signifying a favorable sentiment among traders.

For traders and investors, monitoring key support and resistance levels is crucial. Presently, crucial support levels for XLM are identified at $0.1100 and $0.1060, serving as potential entry points for investors. Conversely, key resistance levels to watch for are $0.1125, $0.1165, and $0.1200, representing potential areas where selling pressure might emerge.

Assessing XLM’s Market Capitalization in Bitcoin Terms

While the article refrains from delving into an in-depth analysis of XLM’s market capitalization concerning Bitcoin, it’s worth acknowledging that XLM’s performance concerning Bitcoin holds significance for crypto enthusiasts.

The fact that the price has reached the upper limit of the Bollinger Bands and the Money Flow Index (MFI) is approaching the overbought territory adds complexity to the analysis.

Stellar (XLM) has demonstrated a remarkable surge in social activity and favorable metrics, which have driven its upward price momentum. However, investors should exercise prudence as overbought signals and potential profit-taking could influence XLM’s future performance. While the technical indicators indicate a positive trajectory, it’s important to remember that the cryptocurrency market is highly volatile, with trends subject to rapid change.

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