The price of XLM is experiencing a pullback after a recent sharp rise to $0.52, with key support remaining at $0.33.
Overview of XLM Prices
Recently, XLM's price experienced significant growth as it broke above the key resistance level at $0.33, allowing it to reach a high of $0.52, not seen since January. This breakout was supported by a notable increase in trading volume.
Sales and Volume Dynamics
The price has now pulled back to around ~$0.42, suggesting that traders are taking profits following the recent rally. An increase in stablecoin supply on the Stellar Network to a record of $647M and a rise in futures open interest likely contributed to this surge.
Short-Term XLM Predictions
Despite the current 10% pullback, the overall structure remains bullish and the support at $0.33 continues to hold. As long as XLM price remains above this level, there is a strong chance it may reclaim $0.52 and potentially advance towards the January peak of $0.64.
XLM's price demonstrates active growth, although the current drop is viewed as a healthy correction. Support at $0.33 remains a key point for continuing the upward trend.
