- Stellar trades within a channel pattern, with a breakout above $0.416 potentially pushing the price toward $0.74.
- Stellar’s Total Value Locked (TVL) surpasses $62 million, reflecting growing investor confidence and ecosystem activity.
Stellar (XLM) trades inside a parallel channel pattern, hinting at a potential breakout. If the price breaks above the $0.416 level, it could soar 77% toward the $0.74 target. Traders remain optimistic, watching the channel’s upper boundary for a decisive move.
Technical Indicators Signal Bullish Momentum
The 200-day Exponential Moving Average (EMA) offers strong support at $0.284. Currently, XLM trades near $0.343, indicating stability above key support levels. The Relative Strength Index (RSI) stands at 45, rebounding from last week’s oversold level of 30. A push above the neutral 50 mark could fuel further gains.
The Moving Average Convergence Divergence (MACD) indicator strengthens the bullish case. The MACD line crosses above the signal line, with rising green histogram bars confirming buyer interest.
Total Value Locked Surges to $62 Million
DefiLlama data shows Stellar Total Value Locked (TVL) jumped from $53.57 million on February 9 to $61.84 million by Thursday. This consistent rise highlights growing user engagement in the Stellar ecosystem. Increasing TVL often signals heightened investor confidence and ecosystem utility.
Stellar : Will it Break Out?
A breakout above the $0.416 resistance could trigger a rally toward $0.74. Technical indicators support the bullish outlook, but a sustained RSI above 50 is crucial for momentum. Traders should watch for volume spikes and price action near the channel’s upper boundary.
Stellar’s rising TVL and solid technical setup suggest a bullish path ahead. If the breakout occurs, XLM could offer significant upside in the coming weeks.
