Key points
- XLM is trading above $0.24 after gaining 2% in the past 24 hours.
- The cryptocurrency appears poised for a breakout as the Stellar blockchain reaches an all-time high in total value locked (TVL).
Stellar’s TVL Reaches a New Record High
XLM has shown positive momentum over the last 24 hours, adding roughly 2% to its price. The token is now trading above $0.24 after gaining more than 10% over the previous two days.
This uptick coincides with Stellar’s Total Value Locked (TVL) hitting a new all-time high. According to DefiLlama data, XLM’s TVL reached $169.30 million on Tuesday, marking a record peak.
A rising TVL suggests increasing activity and interest within the Stellar ecosystem, as more users deposit and utilize assets across XLM-based protocols.
Additional metrics from CryptoQuant support a bullish outlook for XLM, with spot and futures market activity showing large whale orders and buying dominance. These indicators point to the possibility of further short-term gains.
XLM Targets $0.28 in the Short Term
The XLM/USD 4-hour chart has shown improving conditions as Stellar Lumens added more than 2% in the past day. The token found support near the weekly support level at $0.221 on Friday and has since rallied more than 10%.
XLM is currently trading around $0.248, approaching the 38.2% Fibonacci retracement level at $0.256, which represents a key resistance zone.
If XLM breaks above the $0.256 resistance, it could push toward the 50-day exponential moving average (EMA) near $0.292 within the coming hours or days.
The 4-hour Relative Strength Index (RSI) sits at 54, above the neutral 50 level, signaling growing bullish momentum. For the recovery rally to sustain, the RSI would need to continue moving toward overbought territory. Additionally, the MACD produced a bullish crossover over the weekend, suggesting a buying opportunity and reinforcing the positive case.
However, if XLM faces a correction, the bearish scenario could reassert itself and push the price back toward the weekly support at $0.221.