Previous article Stellar Lumens (XLM) surges as several indicators turn bullish Next article Home Latest Cryptocurrency News Stellar Lumens (XLM) surges as several indicators turn bullish Stellar Lumens (XLM) surges as several indicators turn bullish By Ilija Rankovic - min read Updated 21 March 2023 Stellar Lumens skyrocketed as several technical indicators turned bullish, gaining 33% in just one hour Stellar Lumens maintained its position in the crypto market cap top 10 list with a massive surge in XLM’s price in the past 24 hours. The descending triangle that it has been forming since 7 Jan has finally been broken, and XLM pushed to the upside. XLM’s overall outlook is bullish mostly due to its technicals rather than fundamentals. XLM managed to score week-over-week gains of 19.10%. When compared to other cryptocurrencies, it outperformed both Bitcoin (BTC) and Ethereum (ETH), that posted gains of 1.56% and 11.32%, respectively. At the time of writing, XLM is trading at $0.322, representing a price increase of only 7.12% over the previous month. XLM/USD Stellar Lumens broke out of the descending triangle it started forming on 7 Jan. XLM was making a series of lower highs within the triangle, with the $0.23 support level holding its price above it. A recent spike in buying pressure caused Stellar to push its price and break the triangle at the ~80% completion mark. On top of that several other technical indicators pointed towards the buy-side, such as the Parabolic SAR, Supertrend and MACD indicators. XLM is currently fighting for the 38.2% Fib retracement level of $0.321, which will decide its short-term future. However, with all of the major indicators pointing towards the buy-side, XLM is in a good spot now. However, if its Supertrend or Parabolic SAR indicators turn bearish, XLM might push towards $0.23 or even the $0.123 level. XLM/USD daily price chart. Source: TradingView XLM’s daily timeframe RSI is quickly moving towards the overbought territory, and is currently sitting at a value of 62.84. XLM/USD 1-hour chart. Source: TradingView XLM’s hourly time-frame shows us clearly how the cryptocurrency managed to gain as much as 33% in just one hour. However, such a parabolic move requires a strong pullback in order to be considered healthy. In this case, XLM pulled back to its 38.2% Fib retracement level of $0.321. Share this article Categories Analysis Tags Stellar Lumens News