Here’s why Stellar’s October history fuels bullish bets on XLM
**Key Takeaways: Why Is Stellar (XLM) Price Gaining?**
Stellar (XLM) surged 10% to $0.4001, accompanied by a 130% increase in trading volume, signaling renewed bullish momentum. The breakout from a falling wedge pattern has sparked optimism among traders, with many eyeing the $0.50 mark as the next target.
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**Why Is Stellar Price Gaining?**
Over the past 24 hours, XLM’s price jumped 10%, driven by positive market sentiment and key technical breakouts that attracted buyers back into long positions. At the time of writing, XLM was trading at $0.4001 with a daily volume increase of 130%, reaching $499 million, according to CoinMarketCap.
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**October’s Historical Performance Favors Bulls**
The recent price surge aligns with October’s historically strong performance in the cryptocurrency market. Data from Lookonchain reveals that over the last 12 years, the crypto market has posted gains in October ten times, with only two exceptions in 2014 and 2018. This historical trend adds confidence that XLM may continue upwards and post positive returns this month and into 2025.
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**Analysts Eye $0.50 to $0.56 Range**
Expert opinions on XLM remain bullish. AltCryptoTalk pointed out that XLM broke out of a falling wedge pattern on the daily chart. If the price successfully retests this breakout level, a 60% to 70% rally could follow in the mid-term.
Another analyst highlighted $0.50 as the immediate target post-breakout. Additionally, crypto expert CW noted a significant sell wall at $0.445 — breaking past this resistance could propel XLM toward the $0.56 level.
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**XLM Price Action and Key Levels to Watch**
AMBCrypto’s technical review shows that XLM ended its prolonged downtrend that started on July 18, opening the door for a potential upside move. However, at press time, resistance remains near $0.4090.
A daily close above $0.4150 is pivotal. Surpassing this level may pave the way for a 25% rally toward $0.5150.
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**Caution Signals Remain**
Despite the bullish outlook, some technical indicators suggest caution. The Supertrend indicator is still bearish, trading above the current price, indicating ongoing selling pressure. The Average Directional Index (ADX) stands at 18, below the 25 threshold required to confirm strong trend momentum.
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**Market Sentiment and Liquidation Levels**
Market data from CoinGlass highlights important liquidation levels for XLM: $0.3809 on the downside and $0.4129 on the upside. Traders have built $8.62 million in long positions compared to $2.68 million in shorts around these levels, underscoring a market bias toward bullish continuation.
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**Conclusion**
Stellar’s recent breakout and strong volume surge signal positive momentum, with key resistance levels at $0.4090 and $0.4150 to watch closely. While historical trends and analyst predictions support further gains toward $0.50 and beyond, technical indicators advise measured optimism as the market navigates these critical price zones.
https://ambcrypto.com/heres-why-stellars-october-history-fuels-bullish-bets-on-xlm
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