Stellar (XLM) price has experienced a notable increase, climbing over 7% in the past week. This rise coincides with a broader recovery across the cryptocurrency market. As Bitcoin maintains its position above the $58,000 mark, the market overall appears bullish. However, Stellar’s price trajectory still faces challenges in sparking a sustained rally.
Stellar Price Surges as Open Interest Grows: A Bullish Sign?
According to Coinglass, trading activities have seen notable shifts in the recent period. The overall trading volume has decreased by 3.83%, settling at $35.49 million. This downturn reflects a cooling interest or potential consolidation phase within the trading market.
In contrast, open interest, which indicates the total number of outstanding derivative contracts that have not been settled, has increased by 2% to $32.69 million. This rise suggests fewer trades may occur, and the interest in holding positions remains robust, possibly indicating more cautious among traders.
Stellar Price Forecast: Can XLM Break Past $0.15?
Over the past 24-hours, the Stellar price has experienced volatile trading, moving in a range of $0.09889 to $0.1006. The altcoin is hovering above $0.1, eying further gains with bullish momentum observed in the late trading hours.
At the time of writing, the XLM price is trading at $0.1003, surging 1.08%. This price action represents a minor recovery from the recent lows, capturing the interest of investors looking for opportunities in the fluctuating cryptocurrency market.
With the current market recovery, the Stellar price is witnessing a significant rebound, which may signal the onset of a bullish trend. XLM could break past the $0.15 resistance level if this upward momentum persists. A breakthrough at this point might propel its value toward $0.2 and potentially even reach $0.3 in the near future.
The 4-hour technical indicators for XLM show a promising upward trend in recent sessions. The moving Average Convergence Divergence (MACD) presents a bullish crossover, as the MACD line (blue) is positioned above the signal line (orange), suggesting a potential upward momentum in the price of XLM.
This is corroborated by the histogram, which has shifted into positive territory, indicating increasing bullish momentum. The Chaikin Money Flow (CMF), another key indicator, has fluctuated around the zero line, indicating a balance between buying and selling pressures.
However, if market sentiment shifts to the negative, the Stellar price prediction could find support around the $0.09 level. In a sustained downturn, its price may dip further, potentially approaching $0.08. These fluctuations highlight the inherent volatility typical of the cryptocurrency market.
Frequently Asked Questions (FAQs)
Anchors serve as bridges between different currencies and the Stellar network, facilitating multi-currency transactions and speeding up the exchange process, enhancing the network’s overall functionality.
Stellar ensures security by requiring users to hold at least one XLM token to remain active on the network, preventing flood attacks and making microtransactions too costly for potential hackers.
Stellar leverages its native currency, XLM, to convert currencies quickly and efficiently, minimizing transaction costs. The network is designed to provide fast and inexpensive cross-border transactions, making it accessible to users globally.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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