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Stellar (XLM) has been on a tear lately, gaining a whopping 9% in just hours to reach a high of $0.375 on March 2. This significant surge follows a three-day consecutive rise that started with a small gain of 1% on February 14th.
The crypto market saw a crash on Monday, resulting in over $1 billion in liquidations. In line with this trend, XLM dropped from its high of $0.361 to $0.289 before rebounding and eventually reaching the current price level.
As traders continue to monitor key resistance levels, it is crucial to determine if Stellar can sustain these gains or if it will eventually reverse course. A breach above the moving averages of 50 and 200, which are currently trading at $0.363 and $0.258 respectively, could indicate a potential upside target for XLM.
However, a failure to break through this level may lead to additional losses. The token’s current position is caught between its two MA lines, with the price stuck between them. A move either up or down may provide clarity on the short-term direction of Stellar’s price.
It remains to be seen whether Stellar will outpace XRP, which has been gaining in recent times despite some setbacks.
Source: https://u.today/stellar-xlm-up-9-in-hours-will-it-outpace-xrp
