With more interesting cryptocurrency price movements over the past 24 hours, some things have notably changed. More specifically, we see the Stellar price noting some strong gains, even though Bitcoin and Ethereum are slowing down in terms of momentum. Even so, the Stellar price has risen to $0.35 again, which further confirms the ongoing uptrend over the past week.
Stellar Price Momentum Continues
Looking at the past week’s Stellar price chart, it has become evident there is a growing demand for this particular asset. The value has risen from just over $0.2 to $0.35 in the span of seven days, which is solid 75% increase. Given the volatility often associated with cryptocurrencies and digital assets, such gains are only to be expected after the rough first three months of 2018.
While it seems clear the Stellar price will continue to rise, there is a fair bit of pressure on the market as of right now as well. In the past 24 hours, the value per XLM has increased by 10.94%, but the overall maximum gain was a bit higher. It seems there is a fair bit of resistance forming at the $0.37 level, although it remains doubtful we will see any major price declines in the future. That is, assuming Bitcoin doesn’t face a major setback in the coming hours and days.
Speaking of Bitcoin, Stellar has gained 10.03% on the world’s leading cryptocurrency over the past 24 hours. This is an excellent time for altcoins and digital assets to make a positive impact in this regard. This gain also influences the ongoing Stellar price increase, although it seems difficult to reach $0.40. All of the positive momentum needs to be taken in stride first and foremost, and there’s no reason to get ahead of ourselves whatsoever.
With $218.49m in 24-hour trading volume, the demand for XLM is certainly on the rise. At the same time, this is not the most liquid market by any means, even though this volume is good enough to keep the Stellar price party going as of right now. If the buyers remain in control of the XLM market, this current price level may be sustained for at least a few more hours.
Looking at the list of exchanges ranked by trading volume, it seems Binance is in full control right now. Upbit is in second place, and Poloniex is the surprising name in third place. Its lead over GOPAX is not all that big, though, as it is possible we will see these two switch positions in the next few hours. With only one fiat currency pair in the top three and three such pairs in the top 10, it remains to be seen how much fresh capital is flowing into Stellar as of right now.
How all of this will play out for Stellar, remains to be seen. With a week full of solid upward momentum, a small price correction appears to be in order at this stage. That doesn’t necessarily mean we will see such a turn of events this week, but the markets remain unpredictable first and foremost. Anything can happen in the world of cryptocurrency, and the Stellar price may evolve in a direction few people expect as of right now.