Stellar Price Dips Amid Market Volatility as Open Interest Declines
Stellar price has been notably volatile recently, reflecting broader fluctuations across the cryptocurrency market. This volatility aligns with a general bearish trend in the data, indicating that sellers currently dominate the market landscape.
Stellar Price Declines Amid Drop in Open Interest
Data from Coinglass highlights a sharp decrease in trading activity for XLM Coin. Trading volume has fallen by 57.85%, dropping to $141 million, signaling a significant reduction in market engagement.
Additionally, open interest has seen a 6.08% decline, now standing at $38.80 million. This decrease suggests that investors are adopting a more cautious approach in response to the uncertain market conditions.
According to CoinMarketCap, Stellar’s price has fluctuated between a high of $0.01032 and a low of $0.00991 in the past 24 hours. Currently, the cryptocurrency is hovering slightly above $0.1, reinforcing a crucial support level. At the time of writing, XLM is trading at $0.1004, reflecting a minor dip during U.S. trading hours.
Will XLM Price Rebound Above $0.1 Amidst Bearish Trends?
If Stellar price manages to break through the $0.1007 resistance level, it could trigger a bullish trend. Such a movement could propel the price towards the key resistance level of $0.12. With sustained positive momentum, Stellar could potentially climb to $0.15, attracting increased buying interest.
However, the 4-hour technical indicators present mixed signals. The Relative Strength Index (RSI) is at 60, indicating that Stellar is neither overbought nor oversold. Most moving averages on the 4-hour chart are trending upwards, suggesting a buy signal for traders and investors.
Meanwhile, the Moving Average Convergence Divergence (MACD) shows slight bullish momentum, with the histogram reflecting an increase in green bars, hinting at possible upward price movements in the near future.
Despite this, data from DeFiLlama shows that Stellar’s Total Value Locked (TVL) has decreased by 0.12% to $11.2 million in the past 24 hours, contributing to the bearish sentiment in the market. This small dip mirrors the broader volatility seen across the cryptocurrency sector.
Nonetheless, Stellar’s stablecoin market cap remains robust at $245.12 million, with a 24-hour trading volume of $2.06 million.
On the other hand, if the Stellar price continues to trend downwards, it may soon test the support level around $0.1. A further decline in market support could push the price closer to $0.09. Ongoing sell-offs might drive the value even lower, potentially approaching the $0.08 support level.
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