Flow

bullish

Bitcoin

Convergence

Stellar

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.
<h2 id="strong-stellar-price-surges-as-open-interest-grows-a-bullish-sign-strong">Stellar Price Surges as Open Interest Grows: A Bullish Sign?</h2>
According to <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/XLM">Coinglass</a>, 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.&nbsp;
<figure id="attachment_213842" aria-describedby="caption-attachment-213842" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213842" src="https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-21.png" alt="Stellar Price Soars: Potential For a 20% Jump Ahead?" width="1357" height="320" srcset="https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-21.png 1357w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-21-300x71.png 300w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-21-1224x289.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-21-768x181.png 768w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-21-150x35.png 150w" sizes="(max-width: 1357px) 100vw, 1357px">
 <figcaption id="caption-attachment-213842" class="wp-caption-text">
 Source- Coinglass
 </figcaption>
</figure>
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.
<h2 id="strong-stellar-price-forecast-can-xlm-break-past-0-15-strong">Stellar Price Forecast: Can XLM Break Past $0.15?</h2>
Over the past 24-hours, the Stellar price has experienced volatile trading, moving in a range of $0.09889 to $0.1006. The <a href="https://coingape.com/glossary/altcoins/" rel="noopener noreferrer nofollow">altcoin</a> is hovering above $0.1, eying further gains with bullish momentum observed in the late trading hours.&nbsp;
At the time of writing, the <a href="https://coingape.com/price/stellar/" rel="noopener noreferrer nofollow">XLM price</a> 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 <a href="https://coingape.com/best-indicators-for-crypto-trading/" rel="noopener noreferrer nofollow">technical indicators</a> 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.&nbsp;
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.
<figure id="attachment_213843" aria-describedby="caption-attachment-213843" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213843" src="https://coingape.com/wp-content/uploads/2024/08/XLMUSDT_2024-08-23_20-07-12.png" alt="Stellar Price Soars: Potential For a 20% Jump Ahead?" width="1154" height="588" srcset="https://coingape.com/wp-content/uploads/2024/08/XLMUSDT_2024-08-23_20-07-12.png 1154w, https://coingape.com/wp-content/uploads/2024/08/XLMUSDT_2024-08-23_20-07-12-300x153.png 300w, https://coingape.com/wp-content/uploads/2024/08/XLMUSDT_2024-08-23_20-07-12-768x391.png 768w, https://coingape.com/wp-content/uploads/2024/08/XLMUSDT_2024-08-23_20-07-12-150x76.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-213843" class="wp-caption-text">
 Stellar Price Chart: Source: <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/x/3RD2sw68/">TradingView</a>
 </figcaption>
</figure>
However, if market sentiment shifts to the negative, the <a href="https://coingape.com/price-predictions/stellar-xlm-price-prediction/" rel="noopener noreferrer nofollow">Stellar price prediction </a>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 <a href="https://coingape.com/markets/stellar-price-soars-potential-for-a-20-jump-ahead/" rel="noopener noreferrer nofollow">Stellar Price Soars: Potential For a 20% Jump Ahead?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Stellar Price Soars: Potential For a 20% Jump Ahead?

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