Stellar (XLM) saw a big jump today in its price as it gained 18% to $0.302 before dropping to $0.2995. This was after it dropped to $0.252 on Friday.
The rise in price helped Stellar beat XRP in recent performance, as XRP only went up 12% during the same time, reaching $2.20 before also dropping to $2.14. While XRP also bounced back after a rough week, it didn’t show the same growth as XLM.
This is good news despite the crash that has been happening lately. Just days before, the market had experienced a big sell-off, leading to $1.5 billion in liquidations on Monday and another $952 million on Friday. The market was hit hard by worries about the economy, which made investors more nervous. This caused a drop in many cryptocurrencies, including XRP and XLM.
Despite this, Stellar has managed to regain some of its value. If we look at the daily chart via TradingView, we will notice a bullish flag pattern forming already. This is often seen as a continuation of an uptread.
Crypto analyst Ali also confirmed this is a recent tweet on X: “#Stellar $XLM is forming a bullish flag, which could trigger a 330% breakout!” he said.
This pattern is similar to the one XRP showed back in January, which led to a huge 500% rise in price, reaching $3.39.
Before this jump, XLM was trading between $0.253 and $0.372 at the end of January. Now, we wait to see if the price will break through its daily moving average. If it does, XLM could continue to rise.
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