XLM price shot up to $0.39 in the past 24 hours, an 100% price increase with a major spike in trading volume. XLM has reached a $7 billion market capitalization and has experienced one of its biggest volume spikes ever.
XLM was up by 217% since January 3 from a low of $0.124 as XRP investors seem to have changed their support in favor of Stellar.
According to statistics from Santiment, XLM has reached its biggest social volume as well at 3,690 points compared to the previous all-time high at 3,070 in January 2018. Unfortunately, this is not necessarily good news for the bulls as spikes in social volume can usually represent the top.
XLM Price Analysis: Where is the digital asset headed to next?
Observing the weekly chart, the massive 200% XLM price boost this week has sliced through practically all resistance levels until $0.466. XLM was up by close to 400% since November 16 and has seen a massive increase in trading volume over the past three months.
However, bulls should be careful as a pullback will most likely be required for the uptrend to continue. On the other hand, if XRP doesn’t see a resolution soon, XLM might end up replacing it. The current market capitalization of XRP is down to $11.3 billion while Stellar stands at almost $7 billion.
Back on January 4, 2018, XLM price managed to reach $0.92 on various exchanges hitting a total market capitalization of $16.5 billion. It’s entirely possible for XLM to beat XRP within the next month as more exchanges will continue to delist XRP.
XLM price exploded above three key resistance levels on the weekly chart at $0.288, $0.305, and $0.35. However, XLM has dropped down to $0.296 currently. Bulls would love to see XLM close above all three, but even if it’s only the first at $0.288 it would still be a win.
In fact, XLM price could drop down to $0.26 and remain in a healthy weekly uptrend for the first time since December 2017. Do you think XLM can continue with this unstoppable rally considering that the entire cryptocurrency market is on the verge of hitting a $1 trillion total market capitalization?