Stellar (XLM) witnesses a 'Golden Cross,' but the subsequent bull run proves less than spectacular.

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In a notable development, Stellar (XLM) has seen a 4% increase in price over the past 24 hours, trading at $0.3815 as of press time, according to data from various cryptocurrency exchanges. This surge comes as the digital asset flips Bitcoin and Ethereum in its yearly surge of 288%.

The current price rise of Stellar (XLM) is influenced primarily by the Stellar Development Foundation, the key institution behind its development and promotion. The Foundation's involvement in blockchain initiatives such as financial inclusion in partnership with UNDP, as well as the activity of major institutional investors and high trading volumes on key exchanges, have played a significant role in the asset's price movements.

Despite the bullish sentiment, Stellar has not been able to break the $0.40 resistance level. However, with the increased trading volume—spiking by 84.95% to $333.21 million—bulls might dominate and push prices up, potentially allowing Stellar to reclaim the $0.50 mark this September.

The golden cross formation on Stellar's charts suggests a bullish trend ahead, further strengthening the optimistic outlook for the asset. It's important to note, however, that the expected major surge has not yet occurred, and the market remains volatile.

As with any investment, it's crucial to approach Stellar (XLM) and the cryptocurrency market as a whole with caution. The information provided here is for informational purposes only and should not be construed as financial advice. U.Today is not liable for any financial losses incurred while trading cryptocurrencies.

Written by Tomiwabold Olajide. #Stellar

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Stellar (XLM) witnesses a 'Golden Cross,' but the subsequent bull run proves less than spectacular.