Key Levels To Watch As Stellar (XLM) Price Surges Over 50%

The price of Stellar (XLM) has seen a significant surge in the last 24 hours, making it the second top gainer of the day after XRP. This rally could be attributed to Ripple Labs’ recent legal victory, which confirmed that XRP is not considered a security in the United States.

Jed McCaleb co-founded Stellar and Ripple, so their prices may sometimes exhibit similar trends. Over the past day, XLM has risen over 46%, with gains of around 50% on the weekly chart.

The technical outlook for the coin shows a strong bullish influence, with demand and accumulation seeing a significant increase.

However, it’s important to note that with any rally, there’s always the possibility of a price pullback. XLM must maintain a price above a certain mark to avoid the bears taking over. The increase in market capitalization of XLM is also a bullish sign, as it indicates a rise in buying volume.

XLM Price Analysis: One-Day Chart

Stellar was priced at $0.143 on the one-day chart | Source: XLMUSDT on TradingView

As of writing, XLM was trading at $0.143 and has followed a similar price trajectory as XRP. The last time XLM hit this price level was in May last year; this marked a yearly high for the coin.

Overhead resistance for Stellar (XLM) is currently at $0.160, and breaking through this level would strengthen the bullish trend.

If XLM manages to break through this resistance level, it could reach $0.180, which may prove to be a challenging resistance level for the coin.

Local support for XLM is presently at $0.131, and if the price falls to this level, the bears could take over, potentially causing the price to drop to $0.111. The trading volume of Stellar (XLM) has surged by a massive 3390%, indicating strong bullish sentiment.