Stellar (XLM) has recently experienced a significant price rebound; Over the past 24 hours, XLM has surged by an impressive 16%, marking a notable recovery in its market performance.
The price rebound comes as a breath of fresh air after the Stellar price dipped in the last two days, plunging as much as 16% in yesterday's trading session to reach a low of $0.414.
XLM/USD Daily Chart, Courtesy: TradingView
The 16% price increase has had a significant impact on Stellar's market capitalization, which now stands at nearly $4.25 billion. This surge has propelled Stellar higher in the cryptocurrency rankings, now ranking as the 13th largest cryptocurrency by market valuation and flipping Shiba Inu to 15th place.
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Stellar's gain coincides with a broader recovery of the cryptocurrency market, with Bitcoin retesting the $94,000 level after falling to lows of $90,742. The cryptocurrency market advanced as investors analyzed the latest Federal Reserve meeting minutes and key economic data is due this week.
In a summary released on Tuesday, the Fed stated in its minutes that future interest rate decreases were probable, although they may occur "gradually." The minutes were connected to the Federal Reserve's most recent policy meeting earlier this month, when it cut its benchmark lending rate by a quarter point from 4.50% to 4.75%.
XLM price action
Stellar saw a rise from lows of $0.418 to reach $0.531 in today's trading session. This rebound comes after a two-day drop following profit-taking from Nov. 24 highs of $0.6389.
At the time of writing, XLM was up 10% in the last 24 hours to $0.50 and up 94% weekly.
Stellar had been on a bull run since the start of November, fueled by positive market sentiment, profit redistribution from Bitcoin and a bullish golden cross signal. Stellar has increased by an impressive 429% in the last 30 days.
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During the surge, XLM broke past crucial resistance levels, particularly its daily SMA 50 and 200, gaining bullish momentum. If this trend continues, a major breach of the yearly high at 0.6389 might trigger a move to $0.70 and, in the long run, the $1 mark.
Conversely, traders should watch for potential pullbacks, with support seen at $0.44 and $0.41 in case of profit-taking.
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