The post Stellar (XLM) Records 300% Spike In Daily Trade Volume Amid Bullish Sentiments appeared first on Coinpedia Fintech News
The Stellar XLM market recorded a sharp uptick in daily traded volume on Wednesday amid the macro crypto downturns. The veteran crypto asset gained more than 30 percent in the past two weeks to trade around $0.102 on Wednesday. To a greater extent, the recent XLM price breakout is largely attributed to the increased traded volume and open interest.
According to market data provided by Coinglass, XLM’s open interest spiked to a three-month high of about $40 million. Additionally, XLM daily traded volume increased by a whopping 321 percent in the past 24 hours to a hover of around $213 million.
Stellar XLM Price Analysis
The Stellar lumens turned bullish after rebounding from the March low and now seem rejuvenated to revisit this year’s ATH around 11 cents. If the XLM price rallies beyond the prior highs, a macro bullish outlook will be opened towards $0.17, where the next major resistance level will be found.
Notably, XLM price has in the past followed the XRP price actions but the correlation has significantly reduced in the recent past. Moreover, the XRP price is heavily weighed down by the ongoing SEC vs Ripple lawsuit, while XLM is making crucial fundamental progress.
The $5 billion valued XLM market has significantly benefited from the smart contract development being made by Stellar Foundation. Furthermore, the Stellar organization has made significant gains in the stablecoins and CBDC market, which is expected to control a huge portion of the digital market.