The digital asset is trading just above a critical support level that must be held. In the long term, Stellar bulls still have the upper hand, as XLM remains in a huge uptrend. A bear flag on the 1-hour chart could pose some problems for Stellar in the short term. Stellar has enjoyed an amazing rally since the beginning of 2023 and hit a yearly high at $0.69 on April 14. The digital asset must hold a crucial support level to continue with the uptrend and reach new highs.
XLM price must defend this significant trendline to see a new leg up
XLM is trading at $0.625 at the time of writing, right above the 25 four-hour EMA, and a trendline formed since April 9. Both converge at $0.61, which is the critical point that bulls must hold.
A rebound from this crucial support should drive XLM price up to its previous high of $0.69. A breakout above this point will push Stellar toward the 123.6% Fibonacci level at $0.77 and even as high as $0.90 at the 161.8% Fibonacci level in the longer term, which would be a new all-time high.
https://www.fxstreet.com/cryptocurrencies/news/xlm-price-forecast-stellar-aims-for-new-all-time-highs-if-key-support-holds-202104151051
Stellar recently made a new yearly high of $0.66.
On-chain data shows that Grayscale has been adding many tokens to its holdings to meet institutional demand.
As buying pressure mounts, XLM seems primed to advance further.
Stellar entered a new uptrend that has seen it rise over 60% since the beginning of the month. While institutional investors continue scooping up more XLM, prices look poised to break out.
Institutional Demand Skyrockets
Institutional demand for XLM seems to be picking up at an exponential rate. Although a recent technical glitch caused core validators to drop off the Stellar network momentarily, investors have not been discouraged from getting a piece of this altcoin.
Data from Bybt shows that Grayscale has gone on a buying spree, adding more upward pressure to the cross-border remittances token. The world’s largest cryptocurrency asset management firm has raked 5,566,271 XLM over the past month, worth roughly $2.5 million.
https://cryptobriefing.com/stellar-primed-break-out-institutions-buy-xlm-en-masse/
https://twitter.com/bucklerisland/status/1382362153458434053
https://twitter.com/BCBacker/status/1382705288386600966/photo/1
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