Stellar (XLM) investors were in for a surprise over the weekend as the cryptocurrency staged a remarkable comeback, defying the prevailing bearish trend across the crypto market.
While cryptocurrency enthusiasts are rejoicing over the impressive price performance, the question that lingers on everyone’s mind is: why did Stellar’s price jump during the weekend? Two plausible explanations have emerged.
Something cool is dropping in 10 days.
Another factor that might have contributed to the bullish sentiment around Stellar is the upcoming Meridian event set to be hosted by the blockchain platform later this month in Spain.
However, this range low is not without its silver lining. It coincides with a daily bullish Order Book (OB) ranging from $0.0953 to $0.0986, creating a strong support zone for the cryptocurrency. Investors will be closely monitoring whether XLM can maintain its foothold in this zone or if further bearish pressure awaits.
The decrease in OI reflects reduced demand for XLM during this period, suggesting that investors remain cautious in the face of market uncertainties.
As the crypto community eagerly anticipates the forthcoming news from Stellar’s developers and the Meridian event, XLM’s price trajectory remains uncertain.
Traders and investors are advised to exercise caution and closely monitor the evolving market dynamics in the coming days, as these developments could play a pivotal role in determining Stellar’s future price movements.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from MEXC Blog
