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- XLM is testing the upper boundary of an ascending triangle pattern, a bullish indicator. Analysts are eyeing the $0.2460 resistance level as a crucial threshold.
- Despite a 1.33% dip over the past 24 hours, XLM has gained 3.23% over the past week, recovering from a recent downturn.
Open interest in the Stellar (XLM) futures market is steadily growing. This indicates that derivatives traders are anticipating a significant upside. Recent spikes in open interest indicate the growing interest of the market participants in Stellar and their enthusiasm to rival XRP with a series of new investors.
Stellar Open Interest Surges Rapidly
Per Coinglass data, 483.42 million XLM (worth approximately $117.31 million) are currently held in contracts waiting to be settled. The increase goes up by 1.32% compared to the day before. This indicates that traders are keen on pricing into the upside for the XLM price.
Furthermore, bullish technical signals are exhibited with XLM’s recent chart movements. The asset is pushing against the upper boundary of an ascending triangle pattern on the four-hour chart, which is usually construed as a ‘pre-tussle’ of impending breakouts.
Thus, the analysts watch closely the $0.2460 resistance level as a key level for the asset. Normally, a decisive break above this barrier will open the door for further bullish momentum should XLM break through, as highlighted in our previous story.
Details On Recent XLM Price Action
The growing confidence of the traders is further boosted by a Stellar’s rebound from a recent downturn. The asset has experienced a recovery from a sharp sell-off that knocked investor sentiment, and it has weathered that well. However, XLM price has shown a resilient posture with the market still experiencing volatility.
XLM price is down 1.33 in the last 24 hours, trading at $0.2409 at the time of reporting on Tuesday, April 15. On the contrary, last week’s performance shows a positive picture, with an increase of 3.23% over seven days. Such an upward trend has been a major factor in robbing investors of the jitters and reinforcing the narrative of a continued rally.
Moreover, the Stellar price chart is making market watchers take notice of the technical formations on the chart. Crypto analyst Ali Martinez has informed that the triangular consolidation pattern developing on the chart can develop a gigantic value swing. According to Martinez’s analysis, the completion of this pattern could lead to 15% or higher double tops, providing further incentive to traders.
