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.
The post Stellar Price Soars: Potential For a 20% Jump Ahead? appeared first on CoinGape.
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