Stellar (XLM) Surges 30% in Single Day Amid Strong Demand

Stellar (XLM) has shown a strong bullish trend, with the cryptocurrency adding another 30% to its value in a single day. This surge comes despite a slight pause in buying momentum, indicating a strong underlying demand for the asset. The recent price action has seen XLM break through several key resistance levels, further solidifying its bullish stance.

This month started relatively calm for XLM after undergoing a major retracement for straight five weeks. But things later turned out positive as the price began to increase at the start of the week. Although few altcoins have taken a brief break in bullish as Bitcoin tapped a new all-time high on Thursday. Instead, it continues to gain traction and even exploded to a new multi-week high today.

Facing twice rejections on the way up, it slowly approaches a key monthly resistance level, where a major rally is likely to take place. A clear break there should set the stage for a huge upward movement in the short term. Technically, the bears are currently off the market as demand outweighs supply. An increase in the supply level could lure the bears back in the market. But for now, there’s no sign of a drop.

Having mirrored XRP’s price movement in the past few days, XLM is now looking super bullish again as it signals a trend shift with a double-bottom formation on the daily chart. Now that the price approaches the $0.444 resistance level, we can anticipate a surge to the $0.51 level, followed by the $0.647 level in the future. A strong rejection under the mentioned resistance level could trigger a pull back to the $0.334 level before resuming the rally. Lower pullback levels to watch are $0.285 and $0.25. Holding the monthly $0.217 low as support, $0.15 is the next level to Watch in case of a dip.

Key Resistance Levels: $0.444, $0.51, $0.647. Key Support Levels: $0.334, $0.285, $0.25. The strong performance of XLM can be attributed to several factors, including the integration of PayPal's stablecoin, which has generated considerable buzz in the market. This development has likely contributed to the increased demand for XLM, as investors anticipate further integration and adoption of the cryptocurrency. The ongoing bullish momentum in the Stellar market is a testament to the asset's potential and the confidence investors have in its future prospects.

Despite the slight pause in buying, the overall trend for XLM remains bullish. The cryptocurrency's ability to break through key resistance levels and maintain its upward trajectory suggests that the bullish momentum is likely to continue. Investors and analysts will be closely monitoring the market for any further developments that could impact the price of XLM, as the cryptocurrency continues to gain traction in the market.