Stellar (XLM) has been gaining momentum in recent days, currently trading at $0.52. An increase of 127% in the last week.
Buying pressure is pushing XLM closer to reclaiming its all-time high of $0.91, last reached in January 2018.
Uptrend continues to strengthen
XLM’s rising Open Interest (OI) indicates elevated market activity and confirms strong investor confidence. On Saturday, the token’s OI surged to a record $291 million.
OI measures the total number of open contracts in the futures or options market that have not been settled or closed. When it increases during a price rally, it indicates that new money is entering the market. This reinforces the upward movement in prices and signals strong market conviction.
This trend in the XLM market suggests that traders are increasingly confident in the sustainability of its rally, which could push its price even higher.
XLM Open Interest. Source: Santiment
Furthermore, readings from its Average Directional Index (ADX) confirm this bullish outlook. At the time of writing, XLM’s ADX is trending up at 68.93.
ADX measures the strength of a market trend, ranging from 0 to 100. A reading of 68 indicates an extremely strong uptrend. This high value suggests that XLM's current trend is likely to persist.
XLM ADX. Source: TradingView
XLM Price Prediction: Can Token Rise Towards All-Time High?
XLM is currently trading just below a key resistance level at $0.58. Breaking this critical price point could pave the way towards $0.71. Sustained buying momentum at this level could position XLM to reclaim its all-time high of $0.91.
XLM Price Analysis. Source: TradingView
However, if buyers exhaustion occurs, XLM price will decline towards the support at $0.47, invalidating this bullish outlook.
The article Stellar (XLM) Jumps 127% and Aims for 2018 All-Time High appeared first on BeInCrypto Brasil.
