XLM rises 4% in 24 hours, but it’s not all good news
XLM becomes the top-performing coin by social activity in the last 24 hours, pumping its price by 4%. But despite this, a few market indicators remain bearish.
- XLM was up by more than 4% in just the last 24 hours.
- Stellar’s demand in the derivatives market also remained high.
Stellar [XLM] became the top coin by social activity on 23 October, as per LunarCrush. Not only did the coin’s social activity increase, but its Galaxy Score and Altrank also looked impressive. How can these bullish metrics help XLM pump its price further?
Read Stellar’s [XLM] Price Prediction 2023-24
Stellar’s social activity is booming
CryptoDep, a popular X (formerly Twitter) handle that posts updates related to the crypto space, recently revealed that as per LunarCrush’s data, XLM had 874 social mentions with a daily social engagement of over 28.4 million.
Moreover, the token also had a promising Galaxy Score of 46 and a low Altrank of 63, which were both bullish metrics.
⚡️Coin of the day by social activity – @StellarOrg $XLM
23 October 2023Stellar $XLM is an open-source, decentralized payments network. pic.twitter.com/ihfyQ7jqxI
— CryptoDep (@Crypto_Dep) October 23, 2023
These bullish metrics helped boost Stellar’s price, which pumped 4% in the last 24 hours, per CoinMarketCap.
At the time of writing, XLM was trading at $0.1165 with a market capitalization of over $3.2 billion. This price uptrend was accompanied by a 97% rise in trading volume as well.
What is fueling the pump?
Thanks to the price uptick, XLM’s Price Volatility 1w saw a sharp spike. Its Binance Funding Rate was also in the green, meaning that derivatives traders were actively buying the coin at the time of press. Another optimistic update was that Stellar’s Open Interest grew alongside its price.
However, it must be noted that, at press time, XLM’s Open Interest registered a downtick. Additionally, as per CryptoQuant, XLM’s Relative Strength Index (RSI) was in an overbought position, which could increase selling pressure on the coin, thus putting an end to its bull run.
Realistic or not, here’s XLM’s market cap in BTC’s terms
The possibility of trend reversal seemed high as XLM’s price touched the Bollinger Bands’ upper limit at the time of writing. Its Money Flow Index (MFI) was also about to enter the overbought zone.
In addition, the token’s Chaikin Money Flow (CMF) took a sideways path in recent days. But despite that, the MACD remained in the buyers’ favor as it displayed a bullish crossover.
