Amid the overall growth of the cryptocurrency market, the Stellar Lumens (XLM) token reached its highest level since February, increasing more than 72% since mid-June.
Price Growth of Stellar Lumens
The Stellar Lumens token surged to $0.4045, continuing an upward trend that began on June 25 when it bottomed at $0.2187. Since then, the token's value has recovered by over 72%.
Increase in Futures Open Interest
The futures open interest for Stellar rose to $345 million, the highest level since January. This increase followed a drop to $135 million in June and indicates a rise in liquidity and demand.
XLM Price Analysis
The daily chart shows that the XLM price jumped after forming a bullish pattern known as a double bottom. The lower boundary was at $0.2180, while the neckline was at $0.3331. The price target for this pattern could set at $0.45, which is approximately 20% above the current level.
Thus, the growth of the Stellar Lumens token amid rising futures open interest and active addresses confirms positive trends in the cryptocurrency market.
