Thanks to a combination of fundamental developments, market sentiment, and technical indicators, a bullish picture continues to be painted in the Stellar (XLM) ecosystem.
According to market analyst Tom Tucker, Stellar is showing a strong bullish setup, including a clean double bottom at $0.2177, a golden cross formed in mid-July, and a falling wedge pattern. If momentum holds, XLM could target $0.5183, with $0.6365 on the table.
Source: Tom Tucker
Cryptonian shared similar sentiments that Stellar is eyeing a notable leg up. The analyst stated, “XLM is looking GOOD for August! The bull flag pattern is forming after that 84% surge, hinting at more upside. Plus, the liquidation heatmap’s showing a cluster at $0.42, which could magnetize the price and boost momentum. Could be a big month for Stellar.”
Stellar, the 11th largest crypto by market cap, is gaining momentum as it nears the key $0.50 level, driven by its role in enabling fast, low-cost cross-border payments and seamless asset transfers.
At the time of this writing, XLM was up by 9.76% in the past week to trade at $0.45.
Stellar’s bullish outlook is also reinforced by its tendency to mirror XRP’s price action, driven by its historical and technical parallels.
With XRP recently hitting a new high of $3.65, it remains to be seen whether XLM will follow suit and record an explosive move.
