Stellar (XLM)

Stellar (XLM) Sees $1.25 Billion in 24-Hour Volume as Price Slips Below Key Support: What’s Fueling the Surge?

Stellar (XLM) is making waves in the cryptocurrency market as over 2.9 billion tokens have been traded in the past 24 hours, despite a slip below a critical support level of $0.4550. The token reached a low of $0.4156 earlier in the day but has since managed to trim some of its losses, showcasing its resilience amid market fluctuations.

XLM experienced a brief surge to $0.4675 in the last 24 hours, only to see its gains erased by broader market movements. The price trajectory of Stellar mirrors that of its competitor XRP, both showing similar percentage declines in the daily chart. As of writing, XLM sits at $0.4263, marking a 6.15% drawdown from its earlier peak. This contrasts with XRP, which has experienced a 4.23% drop, reflecting a temporary setback for both assets, despite continued bullish sentiment surrounding them.

The recent downturn hasn’t discouraged investor interest in Stellar, as trading volume has surged by 80.76%, translating to a staggering $1.25 billion in trades. A total of 2.93 billion XLM tokens changed hands in a 24-hour period, a clear sign of heightened market activity. Analysts speculate that this uptick could be driven by bullish traders attempting to spark a rally. However, questions remain about the role of whales and the long-term sustainability of this price action.

Source: CMC Data

Regional developments are also contributing to XLM’s current momentum. Stellar has made notable strides in Asia, particularly with Binance’s recent announcement of the XLM/JPY trading pair on its Japanese platform. This new listing could amplify XLM’s reach in a key regional market, attracting more investors to the coin.

Also Read: Stellar Lumens (XLM) Surge to $0.4630, Eyeing 40% Upside Amid Bitcoin’s $101K Breakout and Ripple’s Bullish Momentum

As XLM navigates through these price fluctuations, all eyes are on whether it can sustain this rally and secure a solid foothold in the competitive cryptocurrency landscape.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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