Stellar (XLM) price has increased significantly, gaining more than 7% over the past week. This increase coincides with the overall recovery of the cryptocurrency market. As Bitcoin holds above $58,000, the entire market appears to be in an uptrend.
However, Stellar's price journey remains challenging to sustain its bullish momentum.
XLM Open Interest Rising: Bullish Sign?
According to data from Coinglass, trading activity has seen significant changes recently. Total trading volume has decreased by 3.83% to $35.49 million. This decline reflects either reduced interest or a period of consolidation in the trading market.
In contrast, open interest, or the total number of derivative contracts that have not been liquidated, rose 2% to $32.69 million. The increase suggests fewer trades are likely to occur and interest in holding positions remains strong, suggesting traders are becoming more cautious.
Can XLM Surpass $0.15?
Stellar has been volatile over the past 24 hours, ranging from $0.09889 to $0.1006. The coin is hovering above $0.10, looking to gain further ground on the positive momentum seen at the end of the trading session.
At the time of writing, the XLM price is around $0.1015, up 0.9%. This price action represents a slight recovery from recent lows, attracting the interest of investors looking for opportunities in the volatile cryptocurrency market.
With the current market recovery, Stellar price is witnessing significant growth, which could mark the start of an uptrend. If this bullish momentum continues, XLM could break above the $0.15 resistance level. A break above this level could push the price towards $0.2 and even $0.3 in the coming days.