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- Analysts predict a potential upside for XLM price to $0.60 if the momentum is sustained above the $0.38 support level.
- IOTA gained 18.53%, trading at $0.335 with a market cap of $1.2 billion with the next major resistance at $0.40.
Stellar (XLM) and IOTA led the strong rally in the crypto market, with both tokens witnessing sharp price increases over the past 24 hours. Bitcoin (BTC), however, had limited movement and remained in a narrow consolidation range.
Bitcoin price update and foreign exchange reserves
The price of bitcoin was $96,183.10, a modest increase of 3.46% from the previous day. BTC price ranged from a low of $93,016.43 to a high of $96,359.83 today. Despite the gains, Bitcoin remains in a consolidation range as it trades nearly 11% lower than its all-time high of $108,000 recorded in December 2024.
On the positive side, according to on-chain data from CryptoQuant, Bitcoin’s foreign exchange reserves decreased to 2,377,205.13. This represents a drop of 0.25% in the last 24 hours and a drop of 2.09% in the past week. The decrease in reserves shows less pressure on sales. On the other hand, growing calls in Switzerland for the national acceptance of Bitcoin indicate an increase in the mainstream use of cryptocurrencies.
Stellar (XLM) strengthens in broader crypto market pump
Amid BTC’s modest rise, the price of XLM emerged as the day’s biggest gainer. As of this writing, the price of XLM is up 24.99% to $0.4299. Meanwhile, the price of XLM fluctuated between $0.3435 and $0.4576 within the last 24 hours. Meanwhile, Stellar’s market capitalization increased by 24.78%, with a market cap of $13 billion.
Technical analysis shows that XLM has broken out of a bullish flag and bar pattern on the daily chart. This signals a potential continuation of its upward trajectory. If XLM maintains its momentum and closes above the $0.38 support level, the token could see a further 60% gain, potentially reaching $0.63. Conversely, a failure to hold on to recent gains and a daily close below $0.33 could result in a 30% decline, with prices possibly falling to $0.218.
IOTA sees double-digit gains
The IOTA token joined the rally, posting an 18.53% gain to trade at $0.335. The token’s 24-hour range was between $0.28 and $0.355. Meanwhile, its market capitalization reached $1.2 billion, reflecting sentiment among investors.
Crypto analyst Lokman Duman highlighted critical levels for IOTA’s price action. The first resistance level is at $0.3400, which the token has already touched. If the price breaks this point, further upside momentum could push it towards $0.3600 and $0.4000. However, if the upside eases, key support levels are found at $0.3100 and $0.3000.
