XLM price extended its rally today, registering a 13 percent growth that rose to $0.301, its highest level since January 2022. Stellar has gained 122 percent in the last seven days, making it the second-highest riser among the top 100 crypto assets. Looking ahead, XLM is likely to stay on the ascending trajectory, with Bitcoin providing propulsion as it nears $100k.
Notably, Stellar has also registered a substantial spike in its DeFi TVL in recent days. According to DeFiLlama, Stellar chain has seen its TVL grow by 75 percent in the last week and 13 percent in the 24 hours preceding this writing. While the total TVL is just $38 million, the Stellar has been the best-performing DeFi chain among the top 100 chains in the last week.
The XLM price upside momentum looks likely to continue, with the traded volume having risen by 52 percent in the last 24 hours. This is a significant rise and signals bullishness in view of the sharp rise in the asset price in the last two days. At its current price, Stellar is about 65 percent below its all-time high price set seven years ago. Therefore, it stands a good chance of breaching that mark if it repeats this week’s heroics.
The momentum on XLM price calls for further upside above the 0.298 pivot mark. With that, the asset is likely to move to 0.303, where it will meet its first resistance. Moreover, clearing that level could open the path to attempt moving past the second barrier at 0.307.
On the downside, sellers will be in control if the price breaks below 0.298. With that, the initial price floor is likely to be at 0.295. However, a stronger downward momentum will break below that level and invalidate the upside narrative. Also, it could extend losses to test 0.290.
This post was last modified on Nov 22, 2024, 12:28 GMT 12:28