Stellar Tough Spot: Will XLM Prices See A Dip Amid Mid-Range Struggles?
September 04 2023 - 8:30AM
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Stellar (XLM) investors were in for a surprise over the weekend as
the cryptocurrency staged a remarkable comeback, defying the
prevailing bearish trend across the crypto market. The
token’s price surged by 7.3% in the past 24 hours and recorded a
2.3% increase over the past week, now resting at $0.122461
according to CoinGecko. While cryptocurrency enthusiasts are
rejoicing over the impressive price performance, the question that
lingers on everyone’s mind is: why did Stellar’s price jump during
the weekend? Two plausible explanations have emerged. Related
Reading: Pepe Coin September Challenge: Can It Reach $0.000001
Again? XLM Surge Potential Triggers One likely catalyst for the
sudden Stellar surge is the tantalizing tease from its developers
regarding an important announcement scheduled for next week. This
cryptic hint has stirred anticipation and speculation in the crypto
community, with investors eagerly awaiting what could be a
game-changing revelation for Stellar. Something cool is dropping in
10 days. Get ready to gear up for a change that’s got us all
excited. Stay curious 😎 pic.twitter.com/CgNzfzwqmc — Stellar
(@StellarOrg) September 2, 2023 Another factor that might have
contributed to the bullish sentiment around Stellar is the upcoming
Meridian event set to be hosted by the blockchain platform later
this month in Spain. Meridian, known as Stellar’s flagship
annual event, is expected to bring together a multitude of
influential speakers from the blockchain and cryptocurrency space.
Their speeches and insights have the potential to significantly
influence market dynamics, possibly explaining the increased demand
for XLM. 25 days until #Meridian2023! Get ready to dive into over
70 insightful sessions, connect with industry leaders, and unlock
endless possibilities. Grab your spot today!
https://t.co/lRAGVzFLRl — Stellar (@StellarOrg) September 1, 2023
Technical Analysis Indicates Potential Challenges Ahead Despite the
recent surge, some technical indicators suggest potential
challenges for Stellar. XLM has consistently closed daily sessions
below the mid-range price of $0.1150, signaling increasing seller
leverage. A weekly session closure below this level could confirm
the sellers’ advancement, potentially pushing XLM toward the range
low of approximately $0.1000. However, this range low is not
without its silver lining. It coincides with a daily bullish Order
Book (OB) ranging from $0.0953 to $0.0986, creating a strong
support zone for the cryptocurrency. Investors will be closely
monitoring whether XLM can maintain its foothold in this zone or if
further bearish pressure awaits. XLM market cap currently at $3.4
billion in the daily chart: TradingView.com In the past few days,
funding rates in the crypto market have been predominantly
negative, underscoring the prevailing bearish bias. This bearish
sentiment is further supported by the declining Open Interest (OI)
rates witnessed in August and early September. The decrease in OI
reflects reduced demand for XLM during this period, suggesting that
investors remain cautious in the face of market uncertainties.
Related Reading: Surging Toncoin Price And Telegram Bot Tokens –
What’s The Connection? As the crypto community eagerly anticipates
the forthcoming news from Stellar’s developers and the Meridian
event, XLM’s price trajectory remains uncertain. Traders and
investors are advised to exercise caution and closely monitor the
evolving market dynamics in the coming days, as these developments
could play a pivotal role in determining Stellar’s future price
movements. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk). Featured image from MEXC Blog
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