Date: Thu, Jan 30, 2025, 03:51 PM GMT
The cryptocurrency market is showing strong upside momentum today, with Bitcoin (BTC) surging 3.5% to near $106K mark. Following BTC’s lead, major altcoins like Stellar (XLM) and Hedera (HBAR) are making notable gains.
XLM has jumped 11% after breaking out from a key pattern, while HBAR is up over 5%, suggesting it could be gearing up for a similar breakout.
Stellar (XLM)
Stellar (XLM) is seeing a strong rally after breaking out of a falling wedge pattern. After holding firm support near $0.36, XLM made its move today, breaking past the upper resistance of the wedge at $0.4028, along with the 25-day simple moving average (SMA).
This breakout has pushed XLM to its current price of $0.43, where it is now facing resistance at the 100SMA. If it successfully clears this level, the next resistance zones are at $0.48 and $0.51—potentially another 17% increase from the current price.
Hedera (HBAR)
Hedera (HBAR) appears to be following in XLM’s footsteps, currently trading at $0.32. The token has been respecting a falling wedge pattern and recently found support around $0.29, aligning with both the wedge’s lower boundary and the 25SMA at $0.3122.
If HBAR confirms a breakout with a successful retest, it will face its next hurdle at the 100SMA. A clean break above this level could send HBAR toward resistance levels at $0.35 and $0.40—a potential 26% gain from its current price.
Final Thoughts
With Bitcoin pushing higher, altcoins like XLM and HBAR are showing bullish momentum. XLM has already confirmed its breakout, while HBAR seems to be on the verge of making a similar move.
Additionally, on both charts, the MACD is showing a bullish crossover, further supporting the potential for continued upward momentum. Traders will be watching closely to see if HBAR follows through with a breakout of its own.
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