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Title: Stellar (XLM) Price: Records 32% Weekly Gain as Market Cap Tops $13 Billion
Stellar’s XLM token has made a remarkable turnaround in the past week, surging by over 32% to reach a market capitalization of $13 billion. The cryptocurrency’s extraordinary performance has left many analysts stunned, considering its relatively low valuation compared to other major coins.
The weekly gain is a stark departure from XLM’s previous bearish trend that had been ongoing for several months. This sudden reversal has sparked intense speculation about the asset’s potential upside and whether it will continue to defy market expectations.
To better understand the current trends in Stellar’s price action, we must first examine its technical performance. In recent times, the Moving Average Convergence Divergence (MACD) has been providing bullish signals that have accurately predicted the asset’s short-term movements. Furthermore, the Ichimoku Cloud analysis has consistently offered reliable buy and sell signals.
Given these technical indicators, it appears that XLM is poised to continue its upward trajectory in the coming days. In fact, any sustained rally above $0.46 would likely prompt a significant increase in buying interest, potentially driving prices towards their November 24 high of $0.63, representing a gain of approximately 40% from current levels.
However, it’s essential for traders to be aware that the current support at $0.41 is critical and should not be breached. If this support level fails, a correction could ensue, potentially sending prices as low as $0.31, which would represent a decline of around 27%.
Source: blockonomi.com
