Increasing Optimism Observed as XLM Open Interest Reaches a High of $613 Million
In the world of cryptocurrencies, Stellar's XLM token continues to hold a significant position. Here's a rundown of recent developments and price predictions for XLM.
Currently trading around $0.26, XLM is moving within a falling wedge pattern on the charts, with a bullish divergence building up on the Relative Strength Index (RSI). This pattern, coupled with the forming bullish divergence, could potentially signal a bullish reversal for the token.
However, breaking through the $0.31 resistance level remains a challenge to watch. Price predictions for XLM range from a modest $0.38 to a bold $13 in the long run, with the projected range for XLM during 2025-2026 being between $0.23 and $1.44, depending on partnerships and protocol upgrades.
One factor that has caused some investors to be cautious about XLM is its centralization. The Stellar Development Foundation has a lot of control over the project, which some see as a potential drawback.
Despite this, institutional support for Stellar's platform is growing. On June 1, 2023, Hamburg-based investment company coinIX GmbH & Co. KGaA made a notable investment in XLM, acquiring a large stake in the token. No other specific institutions involved in large XLM acquisitions on that date are detailed in the search results, making coinIX a confirmed institutional participant supporting Stellar.
The daily trading volume for XLM is up to $280 million, and open interest in XLM futures increased by 4.04% in the last 24 hours, with $162 million flowing into the XLM futures market during the same period. The total number of outstanding XLM futures contracts is $613.49 million.
Stellar's blockchain has crossed 265 million transactions, demonstrating its robustness and popularity. Notably, PayPal's stablecoin, PYUSD, is expected to launch on the Stellar network, pending regulatory approval, which could further boost XLM's prospects.
However, XLM has seen a 14% drop over the past month, and the RSI for XLM is currently at 44, suggesting a possibility of a consolidation phase rather than continued rally. The RSI's relatively low level could indicate that XLM might be due for a correction or a period of sideways movement.
Looking further into the future, The Currency Analytics projects an ambitious target of $6.19 for XLM by 2030, driven by worldwide adoption of Stellar's fast and affordable cross-border payment technology.
With its robust blockchain, growing institutional support, and potential partnerships, Stellar's XLM token continues to hold promise for investors. However, as with any investment, it's essential to conduct thorough research and consider the risks involved.
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