The Stellar crypto price is trading at a key resistance level amid a broad cryptocurrencies rebound. The XLM token is trading at $0.4143, which is an important level of resistance. As a result, the total market cap has jumped to more than $9.8 billion, which is remarkable considering that it was lower than $5 billion a few weeks ago.
Why is Stellar rising?
The Stellar crypto price is rising mostly because of the rising demand for cryptocurrencies. This trend has pushed Bitcoin above $51,000 for the first time since May this year. At the same time, Ethereum has surged to above $4,000 while the total market capitalisation of cryptocurrencies tracked by Coin Market Cap has surged to more than $2.3 trillion.
Additionally, the volume of cryptocurrencies traded in key exchanges like Coinbase and Binance has kept rising. Therefore, since there’s no news about Stellar, the reason for the upward trend is that investors are buying all coins as the price rebound.
Another possible reason is on-chain data. The numbers, according to IntoTheBlock shows that the biggest holders are not selling and the number of active addresses is rising.
Stellar crypto price prediction
Turning to the daily chart, we see that the XLM price has bounced back modestly in the past few weeks. This has seen it rise from the July support at $0.1937 to the current $0.4152. This is an important price since it was the highest level it has been since August 15th. At the same time, the price has moved above the 25-day and 15-day exponential moving averages.
Therefore, a clear break above this resistance will signal that bulls have prevailed. As a result, the price will maintain the bullish trend as they attempt to move to the all-time high of $0.812. Any move above that will see it rise to $1.
Still, this view will be invalidated if the Stellar crypto price falls below $0.3500.