Stellar (XLM) shows a growing investor interest following a 2% price decline over the last 24 hours, supported by rising trading volume.
Trading Volume Dynamics
In the past day, XLM's trading volume surged by 115.64%, reaching $402.21 million. This indicates an increasing interest in the asset despite its slight price fluctuations.
Impact of Bitcoin Dominance
The decline in XLM's price has been attributed to the overall rise in Bitcoin dominance, which reached 57.4%. This has led to a rotation of capital towards Bitcoin, even though the fear and greed index remains neutral. Meanwhile, technical indicators like the Relative Strength Index at 48.19 suggest potential for growth.
Prospects for Institutional Adoption
Stellar recently confirmed a 'golden cross,' which could help the price climb to $0.60 if it can overcome the $0.50 resistance level. Investors are also anticipating an increase in institutional adoption of XLM going forward.
Despite short-term fluctuations, the surge in trading volume and positive technical indicators create a foundation for potential recovery of XLM, maintaining investor interest.
