Stellar (XLM) has been progressing steadily in recent days, currently trading at $0.52 — up 127% over the past week.
Increasing buying pressure is pushing XLM closer to reclaiming its all-time high of $0.91, last reached in January 2018.
Stellar’s upward momentum continues to be strong
XLM’s increased open interest shows increased market activity and confirms strong investor confidence. On Saturday, the Token’s open interest reached an all-time high of $291 million.
Open interest measures the total number of outstanding contracts in the futures or options market that have not been settled or closed. When this index increases during a bull run, it signals new money is entering the market. This reinforces the bullish trend and points to strong conviction in the market.
This trend in the XLM market shows that traders are increasingly confident in the sustainability of the rally, which could drive its price upward.
Furthermore, measurements from its Average Directional Index (ADX) also confirm this optimistic view. As of press time, XLM’s ADX increased to 68.93.
ADX measures the strength of a market trend, ranging from 0 to 100. An ADX index at 68 signals a very strong uptrend. This high value suggests that XLM’s current trend is likely to continue.
XLM Price Prediction: Token Could Hit All-Time High
XLM is currently trading below a key resistance level at $0.58. A break above this key price level could pave the way for a rally to $0.71. Continued buying momentum at this level could put XLM in a position to reclaim its all-time high of $0.91.
However, if buyer exhaustion takes hold, the price of XLM will fall towards support at $0.47, negating this optimistic outlook.
