Important requirements
- XLM has risen 12% in the last 24 hours, beating the crypto market.
- The rally comes as Open Interest hits $261 million.
XLM maximizes weekly profits
Stellar’s XLM attracted renewed interest on Tuesday after posting huge gains earlier in the week. XLM surged 11%, bringing the stock close to major resistance levels that could confirm the next phase of its price.
Supporting the conference is managing the derivatives and metrics on the chain, including interest rate increases, sales volume, and positive cash prices, which indicate market growth and strengthen sentiment.
Data from CoinGlass shows a significant increase in derivatives of all types of cryptocurrencies.
Open interest in XLM rose to $261 million. A rise in interest rates is often seen as a sign that new money is entering the market and that investors are increasingly attracted to the stock.
The increase shows that investors are taking on more risk as interest rates increase in the main crypto market.
Stocks have also shifted in favor of bulls. Data from CoinGlass shows that XLM’s currency reached 0.0061% on Tuesday.
Positive cash prices indicate that those with long positions are willing to pay more to hedge their bets, often indicating greater confidence in higher prices.
Actions on the chain provide additional support for the bullish sentiment. According to Santiment, Stellar’s trading volume has risen to $879.25 million from $153 million in the past few days.
The sharp increase in activity reflects investor interest in the XLM ecosystem as prices bounce back from recent lows.
Stellar technical outlook: Momentum continues to build momentum
XLM is trading near $0.227 on Tuesday, maintaining its technical strength after last week’s correction.
The indicator is above the important support zone formed by the 61.8% Fibonacci retracement level near $0.200 and the 200-day EMA near $0.199.
Additional support comes from the 50- and 100-day EMA at $0.185 and $0.182, respectively.
The RSI is currently near 71, which indicates a positive trend without entering overbought territory. Meanwhile, the MACD continues to rise, indicating that the bearish pressure is gradually diminishing.
If the rally continues, long-term resistance is seen at the $0.237 level, with additional supply space in the $0.260 area.
However, if the bearish trend returns, immediate support is at the $0.200 level.
A breakout of daily candles below this level could indicate some important areas at $0.185 and $0.177 in the near future.
A break above $0.237 would create a strong move, while a hold above the $0.200 support zone remains necessary to protect the current system.
