Will Stellar Price Hit ATH This Week?
The post Will Stellar Price Hit ATH This Week? appeared on BitcoinEthereumNews.com.
Stellar (XLM) price has surged by over 80% in the past month, reflecting a broader recovery in the cryptocurrency market. With Bitcoin holding steady above $103k, the market sentiment remains bullish. However, while this price spike is notable, XLM faces challenges in sustaining the momentum necessary for reaching new all-time highs (ATH) in the near future. Stellar (XLM) Price Consolidates Stellar price has consolidated within a volatile range of $0.47 to $0.40 over the past week. Currently hovering above $0.42, the altcoin shows signs of bullish momentum despite a sideways trend. Weekly performance reflects a minor decline, yet a broader crypto market rally has fueled monthly gains. This suggests the altcoin could extend its gains if current bullish sentiment persists, maintaining its position as a key player in the crypto market. Over the past year, Stellar’s price has surged by an impressive 252%. At the time of writing, the XLM price is trading at $0.422, with a slight decrease of 1% in the past day. XLM Funding Rate Plummets XLM price funding rates have sharply declined, significantly increasing bearish sentiment among traders. Negative funding rates often indicate that more traders are shorting the asset, anticipating further price declines. However, such conditions can create the perfect setup for a short squeeze, where a sudden price surge forces short-sellers to close their positions, driving prices higher. This shift in market dynamics has caught the attention of investors, who are now speculating about the likelihood of a short squeeze. Historically, excessive short interest in assets has led to sharp price reversals, adding to the uncertainty. Traders are closely monitoring XLM for any signs of volatility that could lead to dramatic market movements in the near term. Stellar Technical Analysis The technical analysis of Stellar price suggests the cryptocurrency is currently in an accumulation…
Filed under: News - @ December 19, 2024 2:12 am