Stellar (XLM) Price Prediction: Total Lock-up Position Value and Stablecoin Activity Increase, Long Positions Dominate

Stellar (XLM) continues its upward momentum in the middle of the week, having risen nearly 5% so far, with a trading price of about $0.260 on Wednesday. Strong on-chain data further enhances the market's bullish outlook, with the total lock-up value (TVL) reaching an all-time high this week, and the activity of stablecoin trading is also on the rise. From a technical perspective, XLM may be on the verge of a breakout, expected to surpass the $0.285 mark.

Stellar's TVL reaches an all-time high, exceeding $97 million

Data from the crypto intelligence tracking company DefiLlama shows that the TVL increase of the Stellar coin reached a historical high of $97.7 million on Wednesday. The increase in TVL indicates that the activity and interest within the Stellar coin ecosystem are growing, meaning that more and more users are depositing or using assets based on XLM protocols.

Artemis terminal data shows that the market capitalization of XLM stablecoin has significantly risen since mid-June, reaching 630.9 million USD as of Wednesday. The activity and value growth of XLM project's stablecoin indicate a bullish outlook, as they will enhance network usage and attract more users to join its ecosystem.

XLM Price Analysis: Bulls Control Market Momentum

FXStreet analyst Manish Chhetri stated that it has broken the downward trend line (drawn from connecting multiple highs since the end of November). The coin has risen nearly 9%, closing on Tuesday above the 50-day Exponential Moving Average (EMA) at $0.255. As of Wednesday at the time of writing, the coin continues to rise, closing at around $0.265.

If XLM continues its bullish momentum, it may continue to pump and retest the high of $0.258 on June 11. If it successfully closes above that level, it may continue to pump until the next resistance level, which is the intraday resistance level of $0.356.

The Relative Strength Index (RSI) on the daily chart is 59, above the neutral level of 50, and shows an upward trend, indicating strong bullish momentum. The Moving Average Convergence Divergence (MACD) indicator on the daily chart also showed a bullish crossover on July 3. This indicator also shows green bars rising above the neutral level, indicating strong bullish momentum and suggesting an upward trend.

However, if XLM faces a pullback, it may continue its downward trend and retest its weekly support at 0.221 USD.

(Source: Trading View)