June 7, 2023

Stellar Lumens [XLM] It hit its highest level in the past 30 days, driven by the bulls. According to a report by CoinMarketCap, XLM reached $0.1188 on September 20 due to a significant increase in its trading volume. Before the recent rally, XLM last came close to that value on September 19, when it was trading at $0.1160.

However, with the price reversing to $0.1154 at press time, XLM bulls appear to be on ice. Volume did not end with the same 85% increase over the past 24 hours. At the time of writing, XLM’s 24-hour trading volume is $310,787,802.

why and how

For clear reasons, XLM’s latest price hike would be incomplete without reference to activity on its network. First, after some slow moves on September 15, transactions on the Stellar network increased significantly. According to data from StellarDataFeed, between September 19 and September 20, XLM transactions on the aforementioned date of 3,557,034 increased to 4,217,397.

Source: Stellar Chain

Stellar Chain, indicating that activity on its decentralized exchange (DEX) has also remained stable.The blockchain explorer revealed that a total of 3,574,323 on Stellar Lumens DEX. Furthermore, the trading volume was as high as $7,060,460.

What’s going on on-chain and on the graph?

Based on on-chain metrics, XLM seems fair enough. Despite struggling to stay at $2.5 billion five days ago, its market cap is still $3 billion.As for on-chain development activities, it has been touching Recently according to Santiment.

Source: Santiment

On the other hand, there are signs on the four-hour chart that XLM is facing high selling pressure. The Moving Average Convergence Divergence (MACD) shows that selling momentum (orange) is stronger than buying antics (blue). Also, the momentum has turned to the negative side with a value below the histogram at -0.00041.

Source: TradingView

In addition to the MACD revelation, the Relative Strength Index (RSI) indicated that the previously strong buying momentum since reaching overbought levels on September 20 had gotten out of hand.

With the Awesome Oscillator (AO) also reflecting a below-equilibrium stance, XLM is likely to hold a bearish edge next. Nonetheless, a resurgence in the crypto market has the potential to change this expected fortune.

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