Stellar lumens [XLM] The highest price point reached in the last thirty days, thanks to the bull push. Based on reports from CoinMarketCap, XLM reached $0.1188 on September 20 as its volume saw a significant increase. Before the recent rally, the last time XLM’s price was anything close to that value was on September 19, when it traded at $0.1160.
However, it seems the XLM bulls took a chill pill as the price reversed to $0.1154 at press time. The volume did not end with the same condition as it pushed to an 85% increase in the last 24 hours. At the time of this writing, the XLM 24-hour volume was $310,787,802.
Why, and how
For obvious reasons, XLM’s recent price rise would be incomplete without mentioning its network’s activities. First, transactions on the Stellar network increased impressively after some slowdown on September 15. According to StellarDataFeed, XLM transactions which were at 3,557,034 on the said date increased to 4,217,397 between September 19 and September 20.
stellar #xlm Statistics as of September 19, 2022
Transactions: 4,217,397
Operations: 12,972,367 (3.08 Ops/TX Average)
Average TX Cost: 0.000889 XLM ($0.000099)— Stellar XLM Daily Data (@StellarDataFeed) September 20, 2022
Source: Stellarchain
Stellar chain, showed that the operations of its decentralized exchange (DEX) have also maintained stability. Blockchain Explorer revealed that the total was 3,574,323 on Stellar Lumens DEX. Also, the volume was up to $7,060,460.
What is happening on-chain and on-chart?
Based on on-chain metrics, XLM’s performance appears to be quite fair. Its market cap was $3 billion, despite struggling to hold on to $2.5 billion five days ago. For development activities in the chain, it has been Impressive According to Santiment recently.
Source: Sandhi
On the other hand, indications on the four-hour chart show that XLM is experiencing higher selling pressure. Moving Average Convergence Divergence (MACD) showed that selling momentum (orange) was stronger than buyers’ aversion (blue). Also, the momentum shifted to the negative side with a value of -0.00041 below the histogram.
Source: TradingView
Alongside the MACD release, the Relative Strength Index (RSI) indicates that the previously strong buying momentum has lost its grip since reaching overbought levels on September 20.
The Awesome Oscillator (AO) also reflects a lower equilibrium position, which will likely hold a bearish edge for XLM next. Nevertheless, a crypto market revival has the potential to change this assumed fate.
