Key takeaways
- XLM is trading above $0.24 after gaining 2% in the past 24 hours.
- The cryptocurrency eyes a breakout as the Stellar blockchain reaches a new all-time high in Total Value Locked (TVL).
Stellar TVL hits a new all-time high
XLM has shown positive performance over the last 24 hours, rising about 2% during that period. The coin now trades above $0.24 after gaining more than 10% over the previous two days.
The uptick in price coincides with Stellar’s Total Value Locked reaching a new all-time high. According to DeFiLlama, Stellar’s TVL climbed to a record $169.30 million on Tuesday.
This surge in TVL reflects growing activity and interest in the Stellar ecosystem, with more users depositing assets and interacting with protocols built on XLM.
Data from CryptoQuant also supports a positive outlook for XLM, showing large whale orders and buy-side dominance across spot and derivatives markets. These indicators point to the potential for a near-term rally.
XLM targets $0.28 in the near term
The 4-hour XLM/USD chart shows a constructive bias as Stellar Lumens added over 2% in the past day. The coin found support around the weekly support level at $0.221 on Friday and has rallied more than 10% since then.
XLM is currently trading at $0.248, approaching the 38.2% Fibonacci retracement level at $0.256, a key resistance zone.
If XLM breaks above the $0.256 resistance, it could push higher toward the 50-day Exponential Moving Average (EMA) near $0.292 within the coming hours or days.
The 4-hour RSI is around 54, above the neutral 50 level, indicating a developing bullish trend. For the recovery rally to gain momentum, the RSI would need to move further toward overbought territory. Additionally, the MACD produced a bullish crossover over the weekend, signaling buying opportunities and reinforcing the bullish view.
However, if XLM faces a correction, downside pressure could extend toward the weekly support level at $0.221.