Stellar [XLM] Will Continue Its Hot Streak As Bulls Rush Into Its Market

The crypto-verse has been on a roller coaster ride with the price of the assets exhibiting extreme volatility. Stellar [XLM] has been bagging a lot of gains following its association with the Ukraine government as well as the bull run. The entire market, however, was seen back at the red sea. Bitcoin was down by 4% in the last 24-hours which staggered the king coin’s price down to $35K. The overall market cap of the crypto industry had been trying hard to push past $1 trillion, yet it was stuck at $942.85 billion during the time of writing.

Just last week, Stellar revealed that it was joining hands with the Ukraine government to develop a CBDC. This seems to have aided the asset’s market cap as well as price. The altcoin’s market cap rose to $6.39 billion pushing the coin into the top ten. At press time, XLM was trading for $0.289 and surged by over 100% in the last 14 days.

Stellar [XLM] One-Hour Price Chart On Binance

A symmetrical triangle pattern was formed in the one-hour price chart of XLM. The volume in the XLM market was quite low which further affirmed the pattern that was formed. The upper trend line formed lower highs at $0.31 and $0.29 while the lower trend line was constituted by higher lows at $0.262, $0.260 as well as $0.27 which later converged to form a triangle. The direction of a breakout is usually upwards with this pattern.

The daily moving average indicator prolonged its bullish crossover and was in sync with the pattern formed.

Stellar [XLM] With Indicators

The short term price chart of XLM was exhibiting a buyers’ sentiment as the Relative Strength Index [RSI] was above 50 median. The MACD line was seen changing sides after a brief stay in the bearish realm. The MACD line was sluggishly overtaking the signal line forming a bullish crossover.