• XLM shows strong growth, driven by a significant increase in trading volume over the past 24 hours.
• Analysts expect XLM to break $0.445 resistance, potentially pushing the price to $0.56 and confirming the bullish trend.
• RSI at 58.10 and MACD widening indicate growing bullish momentum, signaling continued positive movement.

Stellar (XLM) is currently trading at $0.3999, representing a 9.38% increase over the past day. This increase is backed by a steep growth in the level of activity, with the trading volume soaring up by 112.45% and currently standing at $481.85 million. This trend shows strong market involvement and growing investor interest in the token.

Source: CoinMarketCap

XLM has been on a steady growth as well within the past week, with an increase of 9.81%. This rise portrays a better tide in the market and reflects that traders and investors are closely monitoring the performance of the coin.

CW, a crypto analyst, has highlighted an important resistance of $0.445 that would place a strong sell wall. Should this resistance be broken, XLM can approach $0.56. Such an action would enforce the existence of the ongoing bullish trend.

Source: X

XLM Forms Falling Wedge, Bullish Breakout Ahead

Moreover, another analyst, AltCryptoTalk, mentioned that XLM has been in a correction period and is now forming a falling wedge pattern. A technical structure may indicate a potential breakout of the price in the event of breaking specific levels. The XLM support zone is within the range of $0.315 and $0.35. If the price remains within this range, bulls may step in soon, pushing the price higher. 

Source: X

XLM should break out of the upper trendline of the wedge in order to establish the beginning of the next bullish period. This would show that the market is set to go on with the next impulse action. This is a significant level that traders will closely monitor to determine whether XLM can maintain the increasing trend.

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RSI and MACD Signal Growing Bullish Momentum

The Relative Strength Index (RSI) is at the current level of 58.10, which indicates that XLM is yet to be overbought but is entering overbought. When the RSI runs above 70, the market is likely to be overheating, but on the given occasion, it indicates that the market could continue to grow.

Source: TradingView

The Moving Average Convergence Divergence (MACD) also indicates positive movement. The MACD line stands at 0.002897 and the signal line at -0.000782, with the spread between the two broadening. This implies increasing purchasing power. Also, the MACD histogram is registering the green bars, which prove that the bullish trend is gaining momentum.

Open Interest and Volume Growth Signal Positive Outlook

CoinGlass data shows that the trading volume has grown 91.63% to reach 534.43 million. The open interest in XLM has increased by 21.61% to $327.54 million. This shows that the number of traders that are betting on price movement has increased. The XLM OI-Weighted Funding Rate stands at 0.0112%, which also adds weight to the optimistic market expectations.

Source: CoinGlass

Stellar price improvement is sustained by elevated trading volumes and positive trendlines. In case the price is able to break the main levels of resistance, analysts are expecting a possible breakout. The recent optimistic mood could imply that cryptocurrency will experience additional growth in the near future.

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