Stellar (XLM) Eyes 69% Surge as $0.91 All-Time High Draws Closer
11/25/2024 21:30
XLM has gained 127% over the past week, as open interest and ADX confirm bullish momentum. XLM is eyeing the $0.91 all-time high.
Stellar (XLM) has been steadily gaining momentum in recent days, currently trading at $0.52 — a 127% increase over the past week.
Strengthening buying pressure is pushing XLM closer to reclaiming its all-time high of $0.91, which it last reached in January 2018.
Stellar’s Uptrend Continues To Strengthen
XLM’s rising open interest indicates heightened market activity and confirms strong investor confidence. On Saturday, the token’s open interest climbed to an all-time high of $291 million.
Open interest measures the total number of outstanding contracts in the futures or options market that have not been settled or closed. When it climbs during a price rally, it indicates that new money is entering the market. This reinforces the upward price movement and signals strong market conviction.
This trend in the XLM market suggests that traders are increasingly confident in the sustainability of its rally, which may drive its price higher.
Furthermore, readings from its Average Directional Index (ADX) confirm this bullish outlook. As of this writing, XLM’s ADX is in an upward trend at 68.93.
The ADX measures the strength of a market trend, ranging from 0 to 100. An ADX reading of 68 indicates an extremely strong uptrend. This high value suggests that XLM’s current trend is likely to persist.
XLM Price Prediction: Token May Rally Toward All-Time High
XLM is currently trading just below a key resistance level at $0.58. Breaking through this critical price point could pave the way for a surge to $0.71. Sustained buying momentum at this level may position XLM to reclaim its all-time high of $0.91.
However, if buyer exhaustion sets in, XLM’s price will fall toward support at $0.47, invalidating this bullish outlook.
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Abiodun Oladokun is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment...
Abiodun Oladokun is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment...
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