Stellar (XLM) Skyrockets 35% as XRP Leads the Charge: Golden Cross Signals and Short Positions Liquidated

The Stellar network is an open-sourced, public blockchain powered by the Stellar Consensus protocol (SCP), a proof-of-agreement (PoA) consensus mechanism.

Last week, Stellar (XLM) saw a huge price surge of 35% in just 24 hours, reaching about $0.243, driven by whale activity and a bullish "golden cross" signal. Its price movements have been closely related to XRP, which also rose after positive regulatory news. During this time, over $975,000 in short positions were liquidated, contributing to XLM's price rise. Trading volume for XLM jumped significantly, showing increased interest from larger investors. Overall, the positive sentiment in the cryptocurrency market, especially after Bitcoin's all-time highs, has attracted more whale participation in XLM.

Technical:

XLM/USD surged more than 200% following in the footsteps of XRP. The pair hit a high of $0.26999 and is currently trading around $0.2459.

The pair holds above the short-term (21 and 55-day EMA) and the long-term moving average (200-day EMA).

On the higher side, near-term resistance is around $0.2700 any break above will take the pair to $0.3050/$0.400/$0.44/$0.50.

The near-term support is around $0.22 and any violation below will take the pair to the next level till $0.18/$0.13.

It is good to buy on dips around $0.20 with SL around $0.13 for the TP of $0.49.

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