Stellar Lumens (XLM) touched the highest price level over the past 30 days amid impressive bullish efforts. According to Coinmarketcap, XLM hit $0.1188 on September 20 due to a massive volume surge. Before the latest hike, the alternative token traded around this zone on September 19, when it hovered at $0.116.
Nevertheless, Stellar bulls chilled as XLM price corrected to $0.1154 during this publication. The volume depicted a different tale, pushing towards an 85% upsurge within the past day. While publishing this content, XLM 24Hr volume hovered at $310,787,802.
The How and Whys
For obvious reasons, XLM’s recent price surge won’t be complete without assessing network activities. First and foremost, Stellar network’s transactions had increased impressively, following slow actions on September 15.
StellarDataFeed revealed that XLM transfers stood at 3,557,034 on September 15 and soared to 4,217,397 between September 19 and 20. StellarChain revealed that activities on its DEX (decentralized exchange) remained stable. The blockchain explorer indicated a 3,574,323 on XLM decentralized exchange. Also, the volume climbed to $7,060,460.
What About On-Charts and On-Chain?
According to on-chain metrics, Stellar Lumen’s performance seemed fair enough. The asset’s market capitalization stood at $3B despite battling to maintain $2.5B five days ago. On the chain development activity front, Santiment revealed impressive actions lately.
Meanwhile, the 4hr chart readings indicated that XLM experienced a massive selling momentum. The MACD (Moving Average Convergence Divergence) confirmed that selling pressure outshined buying. Moreover, the strength had switched to negative with a -0.00041 value beneath the histogram.
Besides the MACD readings, the RSI (Relative Strength Index) shows the previously steady buying strength lost momentum since hitting the overbought region on September 20.
With the AO (Awesome Oscillator) highlighting a beneath-equilibrium stance, XLM will likely retain a bearish superiority next. However, the cryptocurrency market resurgence might shift this predicted fortune.
Meantime, XLM enthusiasts should assess broad market sentiment for accurate executions. The crypto world battled downside tendencies during this writing. Bitcoin remains around the $19K vicinity, trading at $19,199 during this publication. The market volume increased by 43.63% over the past day to $95.75 billion (Coinmarketcap data).