Stellar (XLM) is experiencing a notable price increase today, driven by a combination of technical indicators and market dynamics. The cryptocurrency has broken out of a Symmetric Triangle pattern, signaling bullish momentum. This breakout, coupled with rising trading volume and open interest, suggests strong investor interest in XLM. The price target for XLM is projected at $1.05, with a potential 54% move to $0.681, as indicated by technical analysis. The bullish sentiment is further supported by the appearance of a golden cross on the hourly chart, a technical indicator that often signals a bullish trend.
Additionally, the recent surge in XRP's price, fueled by developments in Ripple's SEC lawsuit, has had a reflexive impact on XLM, which often mirrors XRP's market movements. This relationship between the two cryptocurrencies, stemming from their shared origins and similar market goals, has contributed to XLM's price spike. The market's renewed interest in XLM is evident from the sharp rise in trading volume and open interest, indicating that investors are heavily speculating on Stellar's potential for further growth.
XLM is currently trading at $0.4755, up 10.55% from its previous close of $0.4301.