Stellar (XLM) investors were in for a surprise over the weekend as the cryptocurrency staged a remarkable comeback, defying the prevailing bearish trend across the crypto market.
The token’s price surged by 7.3% in the past 24 hours and recorded a 2.3% increase over the past week, now resting at $0.122461 according to CoinGecko.
While cryptocurrency enthusiasts are rejoicing over the impressive price performance, the question that lingers on everyone’s mind is: why did Stellar’s price jump during the weekend? Two plausible explanations have emerged.
XLM Surge Potential Triggers
One likely catalyst for the sudden Stellar surge is the tantalizing tease from its developers regarding an important announcement scheduled for next week. This cryptic hint has stirred anticipation and speculation in the crypto community, with investors eagerly awaiting what could be a game-changing revelation for Stellar.
Something cool is dropping in 10 days.
Get ready to gear up for a change that’s got us all excited. Stay curious 😎 pic.twitter.com/CgNzfzwqmc
— Stellar (@StellarOrg) September 2, 2023
Another factor that might have contributed to the bullish sentiment around Stellar is the upcoming Meridian event set to be hosted by the blockchain platform later this month in Spain.
Meridian, known as Stellar’s flagship annual event, is expected to bring together a multitude of influential speakers from the blockchain and cryptocurrency space. Their speeches and insights have the potential to significantly influence market dynamics, possibly explaining the increased demand for XLM.
25 days until #Meridian2023! Get ready to dive into over 70 insightful sessions, connect with industry leaders, and unlock endless possibilities.
Grab your spot today! https://t.co/lRAGVzFLRl
— Stellar (@StellarOrg) September 1, 2023
Technical Analysis Indicates Potential Challenges Ahead
Despite the recent surge, some technical indicators suggest potential challenges for Stellar. XLM has consistently closed daily sessions below the mid-range price of $0.1150, signaling increasing seller leverage. A weekly session closure below this level could confirm the sellers’ advancement, potentially pushing XLM toward the range low of approximately $0.1000.
However, this range low is not without its silver lining. It coincides with a daily bullish Order Book (OB) ranging from $0.0953 to $0.0986, creating a strong support zone for the cryptocurrency….
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