Gate News Bot message, June 30, according to CoinMarketCap, as of the time of writing, XLM (Stellar) is currently priced at 0.24 USD, having fallen by 0.21% in the last 24 hours, with a high of 0.25 USD and a low of 0.23 USD. The current market capitalization is approximately 7.428 billion USD.
Stellar is a decentralized public blockchain that provides developers with the tools to create experiences that resemble cash rather than cryptocurrency. The network is faster, cheaper, and more energy-efficient than most blockchain-based systems. Stellar aims to enable its ecosystem to have a lasting impact on the real world. The platform supports instant global payments and offers a set of tools that allows users to access digital assets and global on-chain and off-chain channels.
Important news about XLM recently:
1️⃣ Bullish sentiment in the derivatives market increases
The long-short ratio of XLM reached 1.11, marking the highest level in over a month. This ratio is above 1, reflecting a warming bullish sentiment in the market, with more and more traders betting on the rise of XLM prices.
2️⃣ The financing rate turns positive
The financing rate data for XLM has turned positive, indicating that the number of traders betting on the price increase exceeds those expecting a decline. This indicator turning from negative to positive usually signals that the price of XLM may see a significant rise.
3️⃣ Technical faces key resistance level
The XLM price is currently hovering around $0.24. If it can break through and close above the daily resistance level of $0.253, it may trigger an increase of about 12%, with a possibility of retesting the high point of $0.285.
Technical analysis shows that the Relative Strength Index (RSI) has rebounded from an overbought state to 40, indicating that bearish momentum is weakening. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator suggests a potential bullish crossover, which would issue a buy signal if completed. However, if XLM fails to break through the key resistance level, it may continue its fall and re-test the weekly support level at $0.225.
This message is not intended as investment advice; investors should be aware of market volatility risks.
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