Stellar (XLM) has been steadily gaining momentum in recent days and is currently trading at $0.52, up 127% over the past week.
Increased buying pressure is bringing XLM closer to regaining its all-time high of $0.91, which it last reached in January 2018.
Stellar’s uptrend continues to intensify
The growing open interest in XLM indicates increased market activity and confirms strong investor confidence. On Saturday, open interest in the token rose to an all-time high of $291 million.
Open interest measures the total number of outstanding contracts in the futures or options market that have not been settled or closed. When it rises during a price rally, it indicates that new money is entering the market. This enhances the upward price movement and signals strong market conviction.
This trend in the XLM market suggests that traders are increasingly confident in the sustainability of its growth, which could lead to a rise in its price.
Moreover, data from the Average Directional Index (ADX) supports this bullish forecast. At the time of writing, ADX XLM is in an uptrend at 68.93.
ADX measures the strength of a market trend on a scale from 0 to 100. An ADX reading of 68 indicates an extremely strong uptrend. This high value suggests that XLM’s current trend is likely to continue.
XLM Price Prediction: Token Could Rise to All-Time High
XLM is currently trading just below the key resistance level at $0.58. A break through this critical price point could pave the way for growth to $0.71. Sustained buying momentum at this level could allow XLM to reclaim its all-time high of $0.91.
However, if buyer exhaustion sets in, the XLM price will fall to support at $0.47, invalidating this bullish forecast.
