• XLM has seen an increase of 41% in two weeks due to a recent rally.
• Higher timeframe traders must be prepared for the possibility of a range instead of a breakout past a key resistance.
• Open Interest has spiked alongside with the price, indicating strong bullish sentiment from speculators.
XLM Turn Bullish
Stellar Lumens [XLM] has experienced a remarkable appreciation over the past two weeks after going through a downtrend since mid-April. The asset saw an increase of 41%. This was likely to have been influenced by Bitcoin’s [BTC] recent bullishness, however higher timeframe traders must be prepared for the possibility of a range instead of a breakthrough past key resistances.
Previous Highs May Oppose Further Gains
The $0.0935 level represented the previous lower high on XLM’s 1-day price chart which was broken out past on 27 June with great trading volume showing strong bullish intent in the market. The $0.1 level could act as support if XLM sees some dip in coming days but prior highs may still oppose further gains near $0.115 which acted as resistance back in mid-October 2022.
Open Interest Spikes Alongside Price
Open interest for Stellar saw an upward surge over the past two weeks especially when it approached close to $0.1, signifying capital flow into the market and highlighting strong bullish sentiment from speculators.
Disclamer
The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
How Much Are 1,10,100 XLMs Worth Today?
As per CoinMarketCap data at time of writing (July 1st 2023), 1 XLM is valued at approximately $0.1145 USDT (Tether). Therefore 10 XLMs would be worth around $1.145 USDT and 100 XLMs would be worth around $11.45 USDT