Stellar (XLM) Eyes Golden Cross as Price Makes 10% Jump 👀
Stellar (XLM) is gaining momentum. The crypto asset has skyrocketed 10% in the last 24 hours and is approaching a golden cross formation on its four-hour chart.
The golden cross occurs when a shorter-term moving average (typically the 50-period) crosses above a longer-term moving average (like the 200-period). On XLM’s four-hour chart, this crossover is imminent as the four-hour SMA 50 is now facing upward and getting ready to cross above the SMA 200, indicating that upward momentum may be building in the short term.
At the time of writing, XLM was up 8.8% in the last 24 hours to $0.284, poised for its fifth consecutive day of gains.
Several cryptocurrencies have seen gains as markets recovered from profit-taking earlier this week. Bitcoin (BTC) surged beyond $94,000 in the Asian morning hours Friday, with traders indicating increased optimism about short-term gains.
In a positive move for the crypto market, the Federal Reserve has joined other U.S. banking regulators in removing prior years' crypto recommendations, including notices that banks should obtain pre-approvals before engaging in cryptocurrency transactions.
XLM surges for four days in row Stellar (XLM) has steadily ticked higher after rebounding from its recent low of $0.20 on April 7, attracting the attention of traders.
In its latest surge, XLM has posted four consecutive days of gains since April 21, implying that a stronger recovery may be unfolding.
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