Stellar Lumens (XLM) has reached a peak of $0.52, drawing the attention of analysts and traders. Let's explore the details of the current market events.
XLM's Rise and Its Connection to XRP
Last week, XLM demonstrated significant growth, increasing by 87% over 7 days. Simultaneous achievements by XRP, which reached a peak of $3.65, indicate a high correlation between these assets.
Market Behavior Analysis of XLM
Trader Peter Brandt noted that XLM has the most bullish market structure among significant crypto assets. He emphasized the importance of XLM remaining above the support level at $0.20 and closing above $1 for continued growth. He stated: “XLM MUST remain above Apr low and MUST close decisively above $1. Until then this chart will remain range bound.”
XLM Futures Market and Open Interest
The XLM futures market is showing growth: open interest has reached a record $589 million, while funding rates remain neutral. This creates a balanced market and indicates possible significant price movements in the near future.
With the current trends and expert opinions, XLM is on the brink of potential new growth. Investors continue to closely monitor the market situation.
