Stellar (XLM) Shows Promising Signs of a Major Price Increase

Stellar (XLM) Shows Promising Signs of a Major Price Increase

Stellar (XLM) is showing promising signs that could lead to a significant price increase. The cryptocurrency is currently consolidating near $0.37, with analysts drawing parallels to its 2017 rally.

XLM's price has been stable around $0.37, reflecting a 1.34% gain in the past 24 hours. This consolidation near the base of its long-term range could signal a breakout, similar to what was seen in 2017. The Chaikin Money Flow (CMF) indicator is currently at +0.05, indicating modest capital inflows and persistent buying pressure.

The daily chart of XLM/USDT shows reduced volatility, with Bollinger Bands narrowing. Historically, this has preceded stronger directional moves. If XLM closes above the Bollinger Band midline at $0.38, it could set the stage for a push towards the $0.41 resistance. Analysts have noted that the current chart setup of XLM resembles its pre-rally conditions in 2017, suggesting a potential undervaluation at the current price.

With a market capitalization of $11.8 billion and more than 31.9 billion tokens in circulation, Stellar's potential for growth is significant. A sustained positive CMF reading would add confidence to the bullish case, signaling that accumulation is indeed taking place. If XLM breaks out from its current range, it could lead to a substantial expansion in its price.

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