Stellar (XLM) has seen moderate price gains despite a delayed golden cross. Technical analysis indicates that it is trailing behind other cryptocurrencies experiencing golden cross formations.
Stellar: Golden Cross Delayed but Not Denied
Stellar’s nine-day moving average has not yet crossed above the green 21-day moving average on the daily MA cross chart. This implies that XLM’s recent price increase is more a reflection of the broader market rally than its own momentum.
If Stellar’s golden cross is confirmed soon, XLM’s price could rise further if current bullish trends persist. Volume remains crucial for growth in this market setup, currently sitting in the red zone.
In the last 24 hours, XLM’s trading volume fell by 20.88% to $160.61 million. Increased investor activity could help XLM escape the red zone and positively influence its price movement.
As of press time, Stellar was trading at $0.2446, a 6.29% increase over the past day, having moved from a low of $0.2301 to a high of $0.2477 before a slight pullback.
Institutional Partnerships Could Trigger More Gains for XLM
Stellar may achieve new highs if PayPal follows through with launching on the Stellar network, enhancing its utility as a daily payment option for millions of customers.
This adoption could significantly influence XLM’s price, as emphasized by PayPal CEO Alex Chriss, who noted that this partnership would broaden their reach to more developers and create new opportunities within the ecosystem.
Such developments could further enhance Stellar’s ranking among cryptocurrencies, currently positioned 17th, trailing by $310 million behind Avalanche at 16th.
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