Currently, altcoins see no other color other than yesil Stellar (XLM) the rise in its price may not have fully satisfied investors. Although Stellar has gained 60% since the beginning of the month, the target of individual investors is much higher.
What Does the Rise of the XLM Price Depend on?
The price of XLM it seems that the main reason behind this rise is corporate investors. XLM, which is listed by Grayscale and provides an opportunity to buy for institutional investors, has achieved a significant series of rises precisely after this news. October is known that the crypto currency focused on cross-border payment, in addition, has come to the fore as an alternative to XRP.
The fact that XRP received positive news about the case and the rise in the price of XRP relatively interrupted the rise of XLM. In fact, after XRP rose in previous years, it was seen that XLM acted similarly and that XRP rise triggered XLM. Currently, the fact that XRP and XLM are moving towards each other exactly in the form of competitors has revealed such a situation.
XLM Technical Analysis
Looking at the XLM technical analysis, it seems that the consolidation process has been entered into. XLM, which reached its peak on April 11, has declined by 7% in the last 24 hours. The XLM price has not yet reached the all-time record and is trading 34% behind it. XLM, which reached the level of 0.59 dollars during the month, can start a new rally after finishing its consolidation.
It is seen that the critical level for the XLM price is the 78.6% Fibo at $0.61. If XLM can break the 0.61 dollar resistance, there seems to be no obstacle until there is a 30% rise in front of the price. If the XLM price continues to this, it can test the resistance of 0.78 dollars. The streamer formation formed in the XLM technical analysis also indicates an increase after consolidation.
The Craze For XLM Has Begun
Despite these positive developments, it is seen that the funding rates in XLM futures contracts are still at unsustainable levels. The fact that funding rates are at 0.1% or higher points indicates that investors are entering a phase of greed and drastic corrections may be coming. XLM’s funding rate currently stands at 0.23% on Binance. This suggests that many investors have opened long positions and, in fact, the market is pushing the conditions for a correction.