- Stellar rebounds as golden cross sparks renewed short-term bullish optimism.
- Trading volume surges 147 percent, fueling hopes of $0.50 breakout.
- Analysts suggest Stellar could rally toward $0.77 if resistance clears.
Stellar (XLM) has staged an impressive recovery after dropping to $0.4103 earlier this week. The asset climbed 6 percent, surpassing the broader cryptocurrency market, which recorded a 4.03 percent gain.
Recent figures showed that the uptrend was initiated by a golden cross in the three-hour chart. This bullish cross was brought about by the nine-day moving average crossing above the 26-day moving average, which indicates the bullish momentum in the digital currency.
Stellar was priced at $0.4132 at press time, a 5.32 percent increase in the last 24 hours. The coin has hit an intraday high of 0.4287 before reversing slightly in its price action.
Also Read: Ethereum Hits New All-Time High Amid Strong ETF Inflows and Treasury Demand
Bull’s Eye Key $0.50 Resistance
Investor optimism has strengthened as Stellar’s trading volume jumped 147.31 percent to $564.63 million. The spike in trading volumes emphasizes the growing optimism that the asset could soon aim at testing the $0.50 resistance area once more.
In the meantime, Bitcoin has held steady above the mark of $115,000, buoying broader market sentiment. Capital is starting to turn into altcoins, which gives more impetus to assets like Stellar.
Stellar has been on an upward trend in recent weeks. Less than two weeks ago, it reached an all-time high of almost $0.50 before dropping back in the face of volatility. Market analyst Ali Martinez added that if the token manages to overcome this level, it could surge up to $0.77.
Earlier in August, XLM rose by 16 percent in seven days as altcoins surged. As trading conditions improve once again, traders are watching for a repeat attempt at this key resistance.
Outlook for Stellar
The $0.50 mark has become a defining level for Stellar’s short-term trajectory. A convincing move above this level may reinforce bullish sentiment and set the stage for higher price objectives.
Stellar has experienced a new wave of momentum due to its recent golden cross, and investors are expecting another run at the $0.50 resistance. Market support and substantial trading volumes could determine whether the bulls succeed in pushing the asset higher.
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