Stellar (XLM) is experiencing a notable price surge today, driven by technical patterns and market dynamics. The cryptocurrency has formed an inverse head-and-shoulders pattern, a bullish technical setup that suggests a potential 31% rally. This pattern, which has been developing since late November 2024, indicates a reversal of the previous downtrend. Analysts are optimistic that XLM could reach $0.612 if it successfully breaks through the neckline resistance at $0.466. The recent price action has seen XLM overcome the $0.414 resistance level, flipping it into a support floor, which is a positive sign for further upward movement.
Additionally, Stellar's price movement is closely linked to Ripple's (XRP) performance, as both cryptocurrencies often exhibit similar trends. Ripple is on the verge of a breakout from a symmetrical triangle, which could trigger a volatile move in Stellar as well. If Ripple experiences a significant rally, Stellar is likely to follow suit, potentially doubling its current price and reaching as high as $0.80 in a highly bullish scenario. This correlation between the two cryptocurrencies adds to the positive sentiment surrounding Stellar's potential for growth.
The current price of Stellar (XLM) is $0.435693, reflecting a 5.06% increase today. The cryptocurrency reached its highest price of the day at $0.435693, with a low of $0.404020.