The post XLM Breakout Alert! Traders Eye 30% Rally appeared first on Coinpedia Fintech News
As we approach President-elect Donald Trump’s inauguration, the cryptocurrency landscape appears to be shifting towards a bullish trend, as seen in major assets. Amid this bullishness, Stellar’s XLM experienced a major breakout and gained massive attention from crypto enthusiasts, resulting in a significant price surge.
Current Price Momentum
Today, January 15, 2025, the overall market sentiment has shifted as major assets such as Bitcoin (BTC), Ethereum (ETH), and XRP have witnessed significant upside momentum. This substantial price surge has influenced overall market sentiment and caused XLM’s price to jump by 16% in the past 24 hours.
With this notable price surge, XLM is currently trading near $0.458 and has witnessed significant participation from traders and investors, resulting in a 240% increase in trading volume during the same period.
Reason Behind XLM Price Rally
Besides President-elect Donald Trump’s inauguration, another major factor currently influencing XLM’s price is the Securities and Exchange Commission’s (SEC) upcoming review plan for crypto enforcement cases.
These cases are pending in court and may be frozen if they do not involve fraud allegations.
XLM Technical Analysis and Upcoming Levels
These factors are currently influencing the price of XLM and other assets. However, this price surge has triggered a breakout of a bullish inverted head and shoulders pattern.
According to recent price action, $0.45 was a strong resistance level that XLM had been facing since the beginning of December 2024, but it has finally been breached with bullish momentum.
XLM Price Prediction
Based on historical price momentum, if XLM maintains its position above the resistance level, there is a strong possibility that it could surge by 30% to reach the $0.65 mark in the near future.
Despite a notable price surge in the past 24 hours, XLM’s Relative Strength Index (RSI) remains below the overbought zone, indicating that the asset has enough room to continue its upward momentum toward the speculated target.
However, a few whales and long-term holders seem to be engaging in profit-taking, as reported by the on-chain analytics firm CoinGlass. Data from spot inflow/outflow reveals that exchanges have witnessed an inflow of over $156.74 million worth of XLM, indicating a potential sell-off.
These holders might be the ones who recently bought the dip when XLM dropped to the $0.325 level and are now booking a profit of nearly 45%. However, it’s a normal market behavior there is a strong possibility it won’t impact XLM price.