Stellar (XLM) experienced an exceptional price increase, climbing 78% this week and reaching its summit of the year. This wave aroused significant interest in investors, pushing stellar to a new record.
The recent performance of the Crypto token has solidified its position on the market, attracting the attention of retail and institutional investors.
Stellar traders are very optimistic.
The activity of the Stellar term market has increased, with an open interest in the long term reaching a summit of $ 520 million in the last 24 hours. This indicates that traders are increasingly interested in derivatives of assets, which capitalize on its increase.
The open interest of term contracts reflects strong market confidence, traders betting on additional price increases. High open interest also points out that traders think that XLM is on a clear rise. With long contracts exceeding short positions, feeling is positively biased, providing an environment conducive to growth.
The XLM macro Momentum is reinforcement, as indicated by the ADX (average directional index) seated at 28.39. This value shows that the upward trend in the price of XLM is gaining strength and has exceeded the threshold of 25.0, a key level to confirm the strength of the trend. The current ADX reading also marks a six -month top, which means the rarity and the strength of the upward trend for stellar.
With the ADX greater than 25.0, he suggests that XLM is in the middle of a strong directional movement. Historically, such levels have been associated with significant price movements, making it a critical indicator for merchants.
The XLM price can reach $ 0.50
XLM is currently negotiated at $ 0.46, up 78.5% compared to last week. However, Altcoin faces resistance at $ 0.47, a level which he had struggled to violate in recent days. The ability to break this resistance is crucial for continuous growth, as it will determine if XLM can push higher.
Given the strong feeling of future traders and technical indicators, it is likely that XLM exceeds the resistance of $ 0.47 and target $ 0.50 in the coming days. A successful breakthrough could lead XLM to its next target at $ 0.56, marking an eight -month summit. This would mean continuous strength for assets.
However, if the broader feeling of the market moves or investors are starting to sell their assets, XLM could face a significant withdrawal. If the price falls below the main levels of support of $ 0.43 and $ 0.41, it could slide more at $ 0.35, which would invalidate current upward prospects.
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