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Stellar investors may be in the mood to celebrate thanks to this XLM update

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Stellar’s [XLM] recent gains looked quite promising as it managed to register over 45 seven-day returns. Interestingly, LunarCrush’s findings also supported the possibility of an uptrend in the coming days.

According to the tweet by the social intelligence platform, XLM’s AltRank was low, which could be taken as a massive bullish signal. 

CoinMarketCap’s data revealed that at press time, XLM was trading at $0.1253 with a market capitalization of over $3.2 billion. Furthermore, several on-chain metrics and market indicators also indicated that investors’ hope might become a reality soon. 

Hold on to your seats 

Not only did LunarCrush indicate a bull rally soon, but DYOR.net also listed XLM among the top five bullish trends on PERP pair cryptos. All these developments, when clubbed together, paint a promising picture for the future of XLM. 

Moreover, DustuBC Crypto, a popular crypto influencer, tweeted that XLM was the top performer among the top 100 cryptos as of 8 October.

Among all of the speculation and expectations, several investors and holders further hoped that XLM would enter the top 20 cryptos in terms of market capitalization again.

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Here’s AMBCrypto’s Price Prediction for Stellar (XLM) for 2023-24

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A look into XLM’s on-chain metrics painted a similar bullish picture, and several of them were in favor of a price hike. For instance, XLM’s volume spiked over the last week, increasing the chances of a further uptrend.

Moreover, development activity also increased, which was a green signal for the blockchain as it represented increased effort of developers in improving the blockchain. However, despite these positive developments, XLM’s social volume decreased in the last few days.

This hinted towards the the cryptocurrency’s low popularity levels in the cryptocurrency market. 

Source: Santiment

So which side are we swaying? 

XLM’s daily chart looked quite positive as it portrayed a bullish picture. XLM’s Exponential Moving Average (EMA) Ribbon registered a bullish crossover as the 20-day EMA flipped the 55-day EMA, which was a positive signal.

Moreover, the Moving Average Convergence Divergence (MACD) also displayed a similar trend and indicated better days ahead. The Relative Strength Index (RSI) was also well above the neutral position. However, at the time of writing, the RSI did show a slight curve in the downward direction. The Chaikin Money Flow (CMF), at press time, was also in a downtrend and stood below the neutral position.

Source: TradingView

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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