- The XLM price shows a sharp recovery from the $0.1184 bullish point of interest.
- The current market capitalization of Stellar crypto is at $4.03 billion.
- The trading volume has declined 47.99% in the last 24 hours.
Launched in 2015, Stellar (XLM) is a peer-to-peer (P2P) decentralized network created by the Stellar Development Foundation. The primary purpose of this project is to ensure a protocol for payment providers and financial institutions. The platform is designed to link people, banks, and payment processors and allow users to create, send, and trade cryptocurrencies.
Stellar Six-Month Returns Has Declined to 25.46%, What’s Next!
The XLM coin price has witnessed a noticeable change from the $0.1019 demand zone in October 2023. The price surged almost 34% from that level, breaking above the $0.1361 resistance. This change reflected a positive change of character in the price.
Due to that change, crypto enthusiasts rolled on the $0.1078 bullish point of interest (POI) in February 2024. Afterward, a positive hike of over 45% to the $0.1590 resistance can be seen in the XLM crypto price.
However, Stellar price faced a sharp selling from the $0.1590 resistance on March 12, 2024. A decline of over 25% to the $0.1184 bullish POI has been observed in the XLM price. Now, the current price is slowly recovering from the sharp fall.
Supply and Valuation of the XLM Tokens
The fully diluted valuation of the Stellar network is assumed to be $7.02 billion. The network has a maximum supply of 50.00 billion XLM tokens, of which 28.81 billion are currently circulating. The current market capitalization stands at $4.03 billion.
The 24-hour trading volume of the XLM token has reached $74.43 million, ranked 110th out of all 9,352 active cryptocurrencies. Additionally, the volume-to-market capitalization ratio (VMR) is at 1.86%, making cryptocurrency more accessible for trade.
Technical Analysis of the Stellar (XLM) Price
The XLM price is moving above the 50-day and 200-day exponential moving averages, reflecting the bullish sentiments in the current phase. Both the EMAs are acting as dynamic support after the golden crossover.
A sharp selling from the $0.1590 resistance can be seen in the price on March 12, 2024. The price dropped to the $0.1184 bullish point of interest, which is gaining a lot of attraction from crypto traders. Stellar price is slowly recovering from the sharp fall, moving at $0.1406. If the price is sustained above the $0.1409 POI, the price may rise toward the $0.1809 resistance.
The relative strength index (RSI) is sloping parallel to the spot price momentum, reflecting neutrality in the current trading phase. At present, the RSI is moving at 54.78 above the signal line.
Summary
The Stellar has shown a noticeable recovery in price from October 2023. The price has been trading in bullish sentiments since then. Recently, a sharp fall of over 25% in price has occurred due to the early profit bookings from the $0.1590 resistance. XLM price is slowly recovering from the fall at press time. If the price is sustained above the $0.1409 POI, the price may rise toward the $0.1809 resistance.
Technical Levels
- Resistance Levels: $0.1590 and $0.1809
- Support Levels: $0.1361 and $0.1184
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.