Stellar (XLM) experienced a significant increase of almost 12%, mainly due to the analysis of on-chain market data and a recent development. In addition, an analysts envisions possible profits in the future.
Key Points:
- The price of XLM experiences a significant surge of 12% on July 13th.
- According to the derivatives data, the token indicates a market uptrend at the current moment.
- A crypto analyst has highlighted possible factors that could drive the token’s price surge in the near future.
Stellar, a revolutionary blockchain platform facilitating effortless international transactions, has recently caused a stir in the cryptocurrency community. XLM, the native token of the blockchain, experienced a significant increase of almost 12% today, generating a sense of optimism throughout the industry. This surge in prices occurs amidst a plethora of positive market factors. Now, it’s time to examine them more closely.
Stellar’s On-Chain Data Indicates a Positive Market Trend
Based on the data compiled by Coinglass, it appears that the cryptocurrency Stellar is currently experiencing a notable upward trend in the market. Remarkably, the coin’s Futures OI experienced a significant surge of 47.24%, reaching $42.01 million today. This suggests a rise in financial resources entering the derivatives market, highlighting investors’ attention to this particular asset.
Parallel to this, there was a notable increase in the volume of derivatives trading, which reached a total of $184.91 million, indicating an increase in trading activity. Furthermore, the data from the derivatives market indicates that there is a growing market excitement for the asset, which creates a positive outlook at the present moment. This is in addition to the price increases that have been observed today.
Despite this, the data presented today also revealed a more significant number of short liquidations, which has resulted in speculation among investors. The liquidation data from Coinglass revealed a short position worth $224.18 thousand and an extended position worth $59.47 thousand, raising concerns regarding potential price fluctuations that may occur in the future. However, a recent improvement to the Stellar network has largely counteracted the pessimistic market sentiments that have been around for quite some time.
Top 5 Cryptocurrencies Today:
| Name | Price | 24H (%) |
|---|---|---|
Bitcoin
(BTC)
| $29,078.00
| -3.19% |
Ethereum
(ETH)
| $1,948.11
| -4.71% |
Tether
(USDT)
| $1.00
| -0.03% |
BNB
(BNB)
| $295.60
| -1.51% |
Cardano
(ADA)
| $0.51
| -10.30% |
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Over the past few weeks, the project has introduced Soroban, a cutting-edge intelligent contract platform on the network. It places a significant emphasis on performance, sustainability, and security throughout its ecosystem. As a result of this development, users and developers from all over the world continue to be drawn to it, which is a factor that is encouraging for the potential in the long run.
XLM Price Surges
As of the latest update, the price of XLM experienced a significant surge of 11.79%, reaching a resting value of $0.102. The token experienced its lowest point in the past 24 hours at $0.09054 while reaching its highest point at $0.1041.
The market capitalization of XLM increased significantly by 11.82% today, reaching a total value of $2.98 billion. Additionally, the trading volume within the past 24 hours saw a substantial surge of 120.04%, amounting to $158.85 million.
Meanwhile, an analysis of Stellar’s price indicates that the weekly technical chart forms a bullish reversal pattern known as the rounding bottom. The downward trend is reaching its lowest point as investors demonstrate a revived interest in buying, as suggested by the derivatives data as well.
In addition, the renowned crypto market analyst Crypto Tony has recently turned his attention to X, highlighting the token’s potential ability to overcome its resistance level of $1. If the token manages to sustain its break above this resistance, market participants could potentially witness additional upward movements.
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