Stellar (XLM) has flashed bullish signals on the cryptocurrency market as prices rallied by over 3% in the last 24 hours. According to CoinMarketCap data, Stellar is changing hands at $0.2909 after it rose to a peak of $0.292 in earlier trading activity.
Stellar's trading volume and open interest climb
Despite the correction, XLM has shown potential. It climbed rapidly from a low of $0.2806 as ecosystem support increased the price. Trading volume is currently up by 6.96% at $189.92 million.
If there is no pullback, Stellar appears poised to breach the $0.30 psychological level in its quest for higher heights. The rebound movement toward this level remains critical as it could signal XLM's future outlook.
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Notably, Stellar investors are bullish, with a massive increase in Open Interest within the same period. In the last 24 hours, traders betting on Stellar futures have triggered a 7.33% spike in open interest. Investors have committed a total of 561.17 million XLM, valued at $162.27 million, to the asset.
This reflects increased investor confidence and signals XLM’s potential for a price surge. The positive market sentiment and price increase aligning together promise a potential breakout if the ecosystem sustains the momentum.
Analyst warns of XLM short-term risk
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Meanwhile, Stellar’s recent rebound move appears to have been supported by its growing utility in the broader crypto space. XLM is proving to be a worthy competitor to its rival XRP regarding transfer payment services.
Despite these positives, Ali Martinez has cautioned that XLM needs to stabilize above $0.27 to avoid losing the gains it has made in its rebound move. Ali emphasized that if this support gives way, it could trigger further declines as the asset faces short-term risks.
With this alert, Stellar market participants might need to initiate targeted purchases if they want further growth.
