XLM (Stellar) rose 5.48% in 24 hours

Gate News Bot news, July 7, according to CoinMarketCap data, as of the time of writing, XLM (Stellar) is currently priced at $0.25, having risen 5.48% in the last 24 hours, reaching a high of $0.25 and a low of $0.22. The current market capitalization is approximately $7.765 billion, an increase of $403 million compared to yesterday.

Stellar is a decentralized public blockchain that provides developers with the tools to create experiences that feel more like cash than cryptocurrency. The network is faster, cheaper, and more energy-efficient than most blockchain-based systems. Stellar aims to make a lasting impact on the real world through its ecosystem. It combines a powerful decentralized blockchain network with a global ecosystem of innovators, creating borderless opportunities just like ideas. Stellar provides tools that enhance access to the global financial system through new digital asset products and services, thereby making an impact in the real world.

Important news about XLM recently:

1️⃣ Bullish sentiment in the derivatives market strengthens The long-short ratio of XLM reached 1.11, setting a new high for the past month. This ratio, which is above 1, reflects a growing bullish sentiment in the market, with more and more traders betting on the rise of XLM prices. The increase in this indicator may be one of the important factors driving the pump in XLM prices.

2️⃣ Financing rate turns positive The financing interest rate data for XLM has shifted from negative to positive, indicating that the number of traders betting on a rise in the coin's price exceeds those expecting a decline. This indicator turning from negative to positive typically suggests that XLM's price may experience a significant rise, further supporting the current upward trend.

3️⃣ The technology faces a key resistance level The XLM price is currently hovering around $0.24. If it can break and close above the daily resistance level of $0.253, it may trigger a rise of about 12%, with the potential to retest the high point of $0.285. This potential breakout could be a key turning point for XLM's short-term price trend.

From a technical perspective, the Relative Strength Index (RSI) has rebounded from overbought territory to 40, indicating that bearish momentum is weakening. At the same time, the Moving Average Convergence Divergence (MACD) indicator suggests a possible bullish crossover, which would send a buy signal if completed. However, if XLM fails to break through the key resistance level, it may continue its downward trend and retest the weekly support level at $0.225.

This message does not constitute investment advice; investors should be aware of market volatility risks.