According to U.Today, Stellar (XLM) has experienced a notable price rebound, with its value increasing by 16% over the past 24 hours. This surge marks a significant recovery for Stellar, which had previously seen its price dip by 16% in the last two days, reaching a low of $0.414. The recent price increase has positively impacted Stellar's market capitalization, which now stands at approximately $4.25 billion. This growth has elevated Stellar to the 13th position in the cryptocurrency rankings, surpassing Shiba Inu, which now holds the 15th spot.
The rise in Stellar's price coincides with a broader recovery in the cryptocurrency market. Bitcoin, for instance, has been retesting the $94,000 level after dropping to lows of $90,742. This market advancement comes as investors digest the latest Federal Reserve meeting minutes and anticipate key economic data due this week. The Federal Reserve's minutes, released on Tuesday, indicated that future interest rate decreases are likely, albeit gradually. This follows the Fed's recent policy meeting earlier this month, where it reduced its benchmark lending rate by a quarter point from 4.50% to 4.75%.
Stellar's price action has seen a rise from lows of $0.418 to $0.531 in today's trading session. This rebound follows a two-day decline after profit-taking from November 24 highs of $0.6389. At the time of writing, XLM was up 10% in the last 24 hours to $0.50 and had increased by 94% over the week. Stellar has been on a bullish run since the start of November, driven by positive market sentiment, profit redistribution from Bitcoin, and a bullish golden cross signal. Over the past 30 days, Stellar has surged by an impressive 429%.
During this surge, XLM broke past crucial resistance levels, particularly its daily SMA 50 and 200, gaining bullish momentum. If this trend continues, a major breach of the yearly high at $0.6389 could trigger a move to $0.70 and, in the long run, potentially reach the $1 mark. However, traders should remain cautious of potential pullbacks, with support levels identified at $0.44 and $0.41 in case of profit-taking.
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