Stellar’s XLM continues to hold a bullish structure, after breaking a long-standing trendline resistance in early 2023, shifting sentiment toward expansion.
According to the crypto analyst Javon Marks, the breakout sparked strong upside momentum and confirmed buyer strength.
Javon Marks says as long as this level holds as support, any pullbacks may act as fuel for a projected 280% advance toward the $0.681 target.
Source: Javon Marks X Post
Market players are also paying close attention to the price action at the $0.681 level, which has now established itself as the major resistance level.
A decisive move past this level could confirm the overall bullish theory and lead the way towards the next major target at $1.29, implying further upside for XLM.
Also Read: Stellar (XLM) Ascending Triangle Breakout Could Push the XLM Toward $7 Target
Momentum Indicators Point to Strong Bullish Momentum
According to TradingView, on the 4-hour XLM chart, there is an indication that the asset has transitioned from its previous downtrend and is now on an upward trajectory.
The asset had been on a downtrend, selling off and reaching the $0.142 region. From there, it established its base and started printing higher lows and bigger and better bullish candles. It is now reaching the $0.175-$0.180 resistance region, which was previously a supply zone.
Source: TradingView
Momentum indicators also confirm the shift to the upside but with caution. The RSI is near 75, which indicates that the token is moving up with strong momentum but is getting closer to the overbought zone. The MACD indicator is also positive with expanding histogram bars and a bullish crossover pattern.
TopNod Partners with Stellar to Accelerate Global Transfers
Apart from this constructive price movement, TopNod revealed its partnership with the Stellar network on Thursday, 12th February, at the Consensus Hong Kong event.
The move marks an important milestone towards the expansion of financial access through blockchain technology. The partnership is designed to use the scalability and efficiency of the Stellar network to bring scalable solutions to the masses across Asia.
TopNod and Stellar will drive inclusive financial innovation with interoperable blockchain solutions for individuals and businesses.
The collaboration will accelerate the adoption of decentralized finance, ease transaction costs, and facilitate the movement of value across the globe, thereby solidifying Asia’s position as the digital finance and real-world blockchain leader in the coming years.
Also Read: Stellar (XLM) Charts Signal Volatility as Analysts Eye a Potential 8% Move