Stellar Lumens [XLM] reached its highest price in the last thirty days, thanks to the push of the bulls. Based on a report from CoinMarketCap, XLM reached $0.1188 on September 20 as its volume increased significantly. Before the recent rally, the last time XLM was worth anything close to that value was on September 19, when it traded at $0.1160.
However, XLM bulls appeared to have taken a chill pill as the price reversed to $0.1154 at press time. The volume did not end in the same condition as it pushed towards an 85% gain in the last 24 hours. At the time of writing, XLM’s 24-hour volume was $310,787,802.
Why and how
For obvious reasons, XLM’s latest price hike would be incomplete without looking at the activity on its network. First, transactions on the Stellar network have grown impressively after some slow movements on September 15th. According to StellarDataFeed, XLM transactions that stood at 3,557,034 on that date rose to 4,217,397 between September 19th and September 20th.
Stellar #XLM Statistics for September 19, 2022
Ops: 12,972,367 (3.08 Ops/TX Avg)
Average TX Price: 0.000889 XLM ($0.000099)
— Stellar XLM Daily Data (@StellarDataFeed) September 20, 2022
StellarChain, showed that activity on its decentralized exchange (DEX) also maintained stability. The block explorer found that there were a total of them 3,574,323 on Stellar Lumens DEX. Also, the volume was up to $7,060,460.
What is happening on the chain and on the charts?
Based on on-chain metrics, XLM’s performance seemed fair enough. Its market capitalization was $3 billion despite struggling to hold onto $2.5 billion for five days. As for development activity in the chain, it was impressive lately according to Santimento.
On the other hand, indications on the 4-hour chart showed that XLM is experiencing heavy selling pressure. The moving average convergence (MACD) showed that the selling momentum (orange) was stronger than the antics of the buyers (blue). Also, the momentum has moved to the negative side with the value at -0.00041 below the histogram.
In addition to the MACD revelation, the Relative Strength Index (RSI) indicates that the previously strong buying momentum has lost control since reaching the overbought level on September 20.
With the Awesome Oscillator (AO) also reflecting a below-balance stance, it is likely that XLM will have a bearish edge next. However, the resurgence of the crypto market has the potential to change this predicted fortune.