- In the last 30 days, 60% of days have been green for the XLM crypto.
- The Stellar crypto has been trading for more than nine years.
Stellar is a decentralized blockchain network facilitating global money transfers with its native cryptocurrency, lumen (XLM). Created by Jed McCaleb and Joyce Kim in 2014, it supports various use cases like remittances and mobile banking, offering low fees and fast transactions. Lumens are essential for network operation and act as a medium of exchange.
The volatility of the Stellar crypto is 10.06%, which is considered high per CoinCodex. Also, the sentiment of the crypto is bullish, and the fear and greed index of the token is at 88, indicating extreme greed.
The market cap of the Stellar crypto is $4.27B, which makes it the 34th largest cryptocurrency in the global cryptocurrency market. This further results in a market cap dominance of 0.15%.
The trading volume for crypto has witnessed a decline of 21.5% in the last 24 hours, followed by a decline of 2% in crypto’s market cap. Moreover, the value of the traded volume for the crypto is $167.469M.
The volume/market cap ratio for the crypto is 3.9%, while the supply inflation of the crypto is also high, resulting in 8.36%. It is further followed by a maximum supply of 50.001B XLM. The circulating supply of the crypto is 28.685B XLM, and the total supply of the Stellar is 50.001B XLM.
Stellar Blockchain Data Overview
The token market cap, stablecoin market cap, and the total value locked for the crypto follow the same trend in the DefiLlama chart, indicating consistent advance.
Moreover, the current stablecoin market cap of the crypto is $84.04M, followed by a stablecoins market cap of $84.04M.
Stellar Crypto Derivatives Analysis
The following derivatives volume chart represents the volatility in its activity as the volume of the crypto was higher for the last few days but has witnessed a sudden decline followed by a reduction of 38% in just the previous 24 hours.
The open interest in crypto has also declined by 6.9%, resulting in $65.39M. The long liquidation recorded by Coinglass is very high compared to the short liquidation for the crypto. It indicates profit booking in the last 24 hours in the crypto.
Moreover, the long liquidation for the crypto is worth $94.58K against the short liquidation of $1.08K.
Social Dominance Vs Development Activity Comparison for the XLM Crypto
The development activity and Stellar crypto’s social dominance follow similar trends. Since 7th March 2024, both of the factors for crypto have witnessed a decline.
It represents the lack of social media presence of the Stellar crypto.
XLM Crypto Technical Analysis
After witnessing a decline of more than 85% in the trading price of the XLM crypto, the price has been taking support at the lower levels. Furthermore, the token’s price is slowly trying to advance to higher levels, followed by the formation of the higher high swing structure.
XLM/USD Chart by TradingView.com
The XLM crypto price is trading above the 50-day and 200-day EMAs, followed by a golden cross on the chart. Following this, the trading values of the EMA and the price are consistently advancing.
The ADX value has been consistently rising from the lower levels, leading to 36.75 on the daily chart. It represents strength in the trading price of the crypto. The histograms formed on the MACD indicator are bullish, followed by the bullish cross of MACD and the signal line trading above the zero level.
The following behavior of the technical indicators represents strength in the trading price of the crypto.
Summary
Stellar’s XLM crypto exhibits bullish potential as it approaches crucial resistance levels. Despite high volatility, sentiment remains bullish with extreme greed in the market. Trading volume sees a slight decline, but market cap dominance stands strong. Technical analysis shows support at lower levels, with a golden cross formation and bullish indicators signaling strength in price.
Technical Levels:
- Support levels: $0.0785 and $0.1050
- Resistance levels: $0.1950 and $0.2930
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.