Crypto/Market News
Stellar Experiences a 14% Surge Before a Quick Pullback Amid Network Upgrade
The price of Stellar Lumens (XLM) jumped significantly within 24 hours due to high trading volume and a key software update that boosts market confidence.
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Key Highlights
- Stellar Lumens (XLM) surged 14.3% from $0.252 to $0.293 before settling at $0.2896.
- Peak institutional volume reached 405.9M, breaking resistance levels at $0.270 and $0.278.
- The v23.0.0rc2 release of Stellar Core contributed to positive sentiment surrounding its network maturity and readiness.
Price Movement
In a 24-hour window, Stellar Lumens witnessed a notable uptick, hitting $0.293 before retracting to $0.2896, driven by robust trading activity and renewed trust in its foundational technology. Following the significant update to Stellar’s core software, trading momentum surged in a high-volume context.
XLM-USD Price Chart
XLM-USD Price Movement Chart
The Technical Picture
- Peak Volume: Climbed to 405.9M, significantly exceeding the daily average of 54.7M.
- New Support Levels: Resilience noted at $0.270 and $0.278, which flipped from resistance.
- Sell-Off Factors: A decline of 2.05%, retracing from $0.293 to $0.287, was triggered after breaching $0.291.
Despite some short-term volatility, the broader trend for Stellar remains optimistic, with ongoing development and support maintaining levels above $0.278.
