Bitcoin crosses the $122,500 milestone on Monday, bolstering overall market sentiments.
Optimism emerges as US lawmakers prepare for crucial crypto votes this week.
XLM targets continued uptrends to $0.681 resistance.
Bitcoin opened the week on a bullish leg as US regulatory developments propelled prices to historic highs of $122,540 on Monday.
BTC’s rally to new all-time highs has reignited enthusiasm in the cryptocurrency market, and Stellar’s native token appears ready to lead altcoin breakouts.
XLM has breached crucial resistances with soaring volumes, signaling extended gains in the short term.
The current broad-based rallies support the altcoin’s bullish trajectory.
Analyst Javon Marks trusts XLM might surge to the next obstacle at $0.681.
That would mean a 29.94% upswing from Stellar’s current market price of $0.4771.
Legislative moves propel BTC to ATHs
Bitcoin surpassed the $120,000 milestone for the first time today as investors braced for the long-awaited regulatory modifications in the US.
Notably, the United States House prepares to vote on three key crypto-related bills this week.
First and foremost, they will debate the GENIUS Act, which focuses on regulating stablecoins such as USDT and USDC.
It will head to Donald Trump if passed. The US president has vowed to support crypto growth in the United States.
Also, the House will vote for the CLARITY Act.
It aims to monitor crypto market structures.
Finally, the Anti-CBDC Surveillance State Act proposes prohibiting the Fed from issuing a central bank digital currency.
Besides the political theatrics, these legislative moves will reshape the cryptocurrency regulatory tone.
The possibilities of friendlier policies due to the current pro-crypto government ignited optimism in the digital assets sector.
XLM breaks out after consolidation
Stellar’s native token capitalized on the broad-based bull rally to overcome a key resistance at $0.47.
The move has grabbed analysts’ attention, with one expecting continued XLM surges to the obstacle at $0.681.
Policy tailwinds, price charts, and Bitcoin’s outlook support XLM’s 30% potential upswing in the near term.
Can XLM surge 30%
Javon Marks’ Stellar chart resembles Rose Signals, both pointing to extended surges.
Their chart shows the current breakout materialized after multiple higher lows on XLM’s weekly chart.
That indicates increased accumulation, which is crucial for stable uptrends.
The chart suggests possible surges to $0.6719.
All eyes are watching D.C.
Cryptocurrencies appear poised for continued rallies with massive legislative developments in the United States.
The momentum will spike further if the House passes any or all bills this week.
For instance, passing the crypto structure or stablecoins frameworks might see investors rotating more capital into crypto.
That would mean massive gains for Bitcoin and altcoins, including XLM.
However, digital assets are never without risks. Sudden Bitcoin corrections or bills’ rejection could mean substantial selling pressure.
Losing the $0.47 barrier will delay XLM’s potential rally.
