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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. Stellar Price Surges as Open Interest Grows: A Bullish Sign? According to Coinglass, 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.  Source- Coinglass 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. Stellar Price Forecast: Can XLM Break Past $0.15? Over the past 24-hours, the Stellar price has experienced volatile trading, moving in a range of $0.09889 to $0.1006. The altcoin is hovering above $0.1, eying further gains with bullish momentum observed in the late trading hours.  At the time of writing, the XLM price 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 technical indicators for XLM show a promising upward trend in recent…

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Filed under: News - @ August 24, 2024 1:27 am