Stellar (XLM) Price Moves Higher Above $0.30
Stellar (XLM) is trading above $0.30 on Thursday. The price found support near the lower edge of a falling wedge pattern on the daily chart. Data from derivatives markets suggests a rebound may be coming. Funding rates have turned positive, and more traders are betting on a price rise. Early signs show bearish momentum is weakening, hinting at a possible recovery.
Derivatives Data Shows Growing Bullish Sentiment
According to CoinGlass, the funding rate for Stellar is now positive at 0.0011%. This means traders holding long positions are paying shorts. Historically, when funding rates flip from negative to positive, XLM prices tend to rally.
The long-to-short ratio for XLM is 1.14, the highest in over a month. This indicates more traders expect the price to rise. CryptoQuant data also shows large whale orders and buying pressure in both spot and futures markets. These signs support a bullish outlook for Stellar.
Stellar Partners with Space and Time to Improve Blockchain Data
On Wednesday, Stellar announced a partnership with Space and Time. This deal aims to provide more accurate and verifiable blockchain data. Developers will be able to create advanced financial tools on the Stellar network. This could boost the network’s use and attract more institutional and DeFi users.
Price Forecast: Signs of Recovery for Stellar
Stellar’s price hit resistance at $0.331 on Monday and then dropped over 5% in two days. It retested the lower trendline of the falling wedge pattern. On Thursday, XLM trades slightly higher near $0.309.
If the price keeps rising, it may reach the $0.331 resistance again. A close above this level could push XLM toward the 50-day EMA at $0.356. The Relative Strength Index (RSI) is at 37 and moving up, showing bearish momentum is fading. For a strong recovery, RSI needs to rise above 50. The MACD lines are also converging, which may lead to a bullish crossover and support the rally.
If XLM corrects, it could fall to the daily support level near $0.297.
