As an analyst with over two decades of experience in the financial markets, I have seen more than my fair share of market fluctuations. The recent volatility in Stellar’s price is not unfamiliar territory to me.
Over the past while, the value of Stellar has shown considerable ups and downs, mimicking the general turbulence in the cryptocurrency industry. This instability aligns with the majority of data trends, which have predominantly shifted negative, suggesting that at the moment, sellers hold more power over the market.
Stellar Price Faces Market Downturn Amid DIP in Open Interest
According to data from Coinglass, there’s been a notable decrease in trading activity for XLM Coin. The trading volume has dropped dramatically by 57.85%, reaching approximately $141 million. This substantial fall suggests a decreased level of market enthusiasm towards XLM.
Additionally, the amount of open contracts has dropped by about 6.08%, now standing at approximately $38.80 million. This decrease suggests that investors are adopting a more reserved approach in response to the volatile market climate.
Over the last day, as per CoinMarketCap’s data, Stellar’s price has fluctuated between a high of $0.01032 and a low of $0.00991. Currently, it’s slightly above the $0.1 mark, reinforcing its support level. At this moment, the XLM price stands at $0.1004, experiencing a minor drop during U.S. trading hours.
Can XLM Price Rebound Above $0.1 Amid Bearish Trend?
If Stellar’s price surpasses the current resistance at $0.1007, it may trigger a bullish upward trend. This rise in price might push it towards the notable resistance level of $0.12. With favorable momentum, Stellar’s value could potentially climb to $0.15, which could stimulate increased buying activity on the charts.
For Stellar’s cryptocurrency, the 4-hour technical analysis presents a blend of signs. The Relative Strength Index (RSI) currently reads 60, implying that the currency isn’t overbought or oversold. On the other hand, most moving averages on the 4-hour chart are trending upward, suggesting potential buying opportunities for traders and investors.
As I closely monitor my crypto portfolio, it’s evident that the Moving Average Convergence Divergence (MACD) is hinting at a mildly positive trend, as the histogram is filling up with more and more green bars. This suggests that there could be some promising price surges in the coming days, which I find quite encouraging!
As reported by DeFiLlama, Stellar’s Total Value Locked (TVL) has dropped by approximately 0.12% to $11.2 million within the last 24 hours, creating a sense of pessimism in the market. This minor decline aligns with overall patterns observed across the cryptocurrency sector, which has been marked by fluctuations due to volatility.
Despite this downturn, Stellar’s stablecoin market cap remains substantial at $245.12 million, with a 24-hour trading volume recorded at $2.06 million.
If the trend of Stellar’s price continues to decline, it may soon reach a supportive floor close to $0.1. A further weakening in market support could cause its price to drop to nearly $0.09. Continued selling pressure might drive the value even lower, potentially hitting a lower supportive level at $0.08.
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2024-08-09 12:58