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Stellar (XLM) Suddenly up 12%: Reason
In a stunning turn of events, Stellar’s price has surged by over 16%, marking a significant rebound in the cryptocurrency market. This sudden increase in value comes as a surprise to many investors who had anticipated a further decline after the previous downturn.
As a result of this sudden surge, XLM bulls have made an attempt to rekindle the rally that hit a wall around $0.605 on December 2nd. As a consequence, XLM retreated to the lower part of its range with support at $0.3544.
According to Tomiwabold Olajide, a cryptocurrency analyst and technical expert, this surge could be the start of a fresh uptrend for XLM’s price if it can break above $0.60 and then $0.64. However, on the other hand, should the declines continue, support is expected at $0.354 before the daily MA 50 at $0.312.
It’s worth noting that Stellar has also issued a warning to its community regarding an increase in reports of scammers and wallet drain attacks. The platform has urged users to be vigilant and not click on links from unknown sources.
Source: u.today
