- The XLM crypto price surged 9.58% during the weekly trading session.
- Moving averages are showing strong bearish signals in the current phase.
- The 24-hour trading volume has declined 23.61%.
Launched in 2015, Stellar (XLM) aims to connect financial systems and offer a protocol for payment providers and financial institutions. It is a peer-to-peer (P2P) decentralized network created by the Stellar Development Foundation in 2014. The platform allows users to create, send, and trade multiple types of crypto by linking people, banks, and payment processors. The native token XLM is an intermediate currency for operations and can also be used as transaction fees.
2024 Stellar Crypto Performance, Market Cap, and Supply Changes
In January 2024, XLM crypto experienced negative sentiments in price. It happened due to the $0.1361 supply zone created in August 2023. The cryptocurrency reflected over 14% negative returns during the January 2024 trading session. The price fell on the $0.1078 bullish point of interest (POI).
Subsequently, the sharp entries of cruisers and crypto traders can be tracked from the $0.1078 POI in February 2024. They surged the crypto price by over 11% that month, reflecting a sense of optimistic hope for March 2024. Consequently, the price did as expected, reflecting an over 30% bullish rally to the $0.1590 supply level.
The total token locked for Stellar crypto is at 50 billion. 28.91 billion XLM tokens are currently circulating in the market. The total diluted valuation of the project is estimated at around $5.79 billion. The cryptocurrency has a trading volume of $62.68 million with a current market capitalization of $3.35 billion.
Price to Volume and Social Dominance Analysis
The buzzing of XLM crypto across social media platforms positively impacts the price. The crypto price has closely followed social sentiments, reflecting the importance of buzzing for this particular cryptocurrency. The current social buzz covers 0.219% dominance among all the cryptocurrencies. The price and trading volume are closely following the social buzz.
Technical Analysis of the Stellar (XLM) Price
The current price slipped below the critical exponential moving averages, reflecting a shortfall. The price seems to rebound from the 50-day and 200-day EMAs. If this happens, a shift in a bullish trend can be expected.
Stellar price has gotten strong bullish support from the $0.0947 demand zone. The price is moving toward the $0.1184 resistance. The price can retest that resistance and fall back to the $0.0947 demand zone. However, if the XLM crypto price gives a closing above $0.1409, the price may reach the $0.1590 resistance level.
The relative strength index (RSI) is showing strong bullish momentum in the current phase. The RSI and signal lines also had a golden crossover, indicating a reversal.
Summary
Stellar crypto price has been facing profit bookings from the $0.1590 resistance since March 12, 2024. The cryptocurrency has reflected a positive return in value during the weekly trading session. The current price is trading at $0.1154, moving toward the $0.1184 resistance. If the XLM crypto price gives a closing above $0.1409, the price may reach the $0.1590 resistance level.
Technical Levels
- Resistance Levels: $0.1409 and $0.1590
- Support Levels: $0.0916 and $0.0760
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.