XRP Rival Stellar (XLM) Survives Major Sell-Off Trend, What’s Next?

XRP rival Stellar (XLM) has subtly slid into rebound mode after the coin survived a major sell-off trend that gripped the industry on April 10. As of press time, the combined market capitalization has dropped by 1.05% to $2.57 trillion, setting a mildly bearish path for assets like Stellar to follow. With XLM surviving the recent sell-off, the next direction remains a puzzle for market observers.

XLM make or break moment

At press time, Stellar’s price was $0.2368, up 1.58% in the past 24 hours, per data from CoinMarketCap. The coin charted a very unilateral rally from a 24-hour low of $0.2251 to its current level, which marks the highest level for the period.

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Other XLM market metrics are also in the green, as the trading volume saw a major recovery as of press time. At the moment, almost $180 million were traded, underscoring the hype around the predominantly payment protocol.

Despite Stellar trading at its highest level in 24 hours, it is yet to reclaim the $0.25 resistance level it traded above earlier in the week after a possible death cross emerged on-chain. With this mild rebound, the digital currency is looking to pare off the 10.76% drawdown it raked in over the past week.

If it breaches the resistance, a long-awaited price breakout may emerge. 

Riding on market momentum

Stellar’s growth trajectory is uncommon but closely tied to the broader market resurgence. With a correlation to Bitcoin, its sustained rebound in the long term hinges on how the top coin performs.

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Already, XLM’s price has ignored the extremely bearish forecast that it may slide to a 30-day low if the sell-off trend does not slow down. A targeted recovery is now partly based on core ecosystem fundamentals and its historical growth trend for this quarter.