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XLM/USDT trend analysis: Stellar Lumens sees 17% surge as crypto market recovers

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TL;DR

TL:DR

  • Stellar Lumens (XLM/USDT) has surged over 17% as the wider crypto market recovers from sharp correction.
  • However, volatility remains in the extremely high levels as trading volume stays stable.
  • The surge has set XLM/USDT at a higher price but unless trading volume picks up, there is likely to be some downside.

Overview (24-hour)

XLM/USDT opened the trading period at a price of 0.1881 USD. Over the course of the trading period, it set a high of 0.2206 USD and a low of 0.1811 USD. At the time of writing, XLM/USDT is trading at 0.2119 USD, 5.92% above the trading period’s high-low average of 0.2008 USD.

Total trading volume for XLM/USDT at the time of writing stands at 873 million XLM, a more than 30% decrease compared to the previous trading period’s trading volume which stood at 1.24 billion XLM.

The Historical Volatility Index (HVI) reads 298.75 (extremely high) at the time of writing, compared to 294.76 (extremely high) at the end of the previous trading period.

Price Analysis

XLM/USDT opened the trading period at a price of 0.1881 USD. After briefly dipping to the trading period’s low of 0.1811 USD shortly after open, XLM/USDT began a series of attempted breakouts, the third of which transformed into a rally to the periods high of 0.2206 USD (+17.27%).

After this surge, XLM/USDT fell to around the 0.2 USD mark and has been consolidating around that level. At the time of writing, its price is at 0.2119 USD.

Volume Analysis

XLM/USDT entered the trading period with a trading volume of 35.5 million XLM and a mean value of 30.5 million XLM carried over from the previous trading period. Shortly after open, trading volume dropped significantly, reaching a low of 8.06 million XLM, bringing the mean trading volume down to 21.74 million XLM.

Trading volume then spiked to 24.68 million XLM as XLM/USDT surged over 17% to the trading period’s high. Trading volume continued to rise and at the time of writing, sits at 29.03 million XLM with a mean value of 21.28 million XLM.

Both the On Balance Volume (OBV) and Accumulation/Distribution (Acc/Dist) indicators remained level at the opening of the trading period, before sharply peaking as XLM/USDT surged over 17% and volume spiked. Both then levelled off between that spike in trading volume and the  time of writing.

Volatility Analysis

Throughout the trading period, volatility has remained in the extremely high levels. HVI read 28.49 (extremely high) as XLM/USDT entered the trading period, falling briefly to a low of 19.14 (extremely high) shortly after open. As XLM/USDT surge, so did the levels of volatility, with HVI rising to 44.27 (extremely high). At the time of writing, volatility has since fallen to 14.89 (high).

Price Prediction

XLM/USDT has surged over 17% as the wider crypto-market attempts a recovery from recent lows. However, this surge has far outdone the average of the market. Volatility significantly increased during this trading period. Trading volume however, only spiked as the short, sharp surge occurred, before levelling off again.

Whilst the wider market remains bullish, in surging beyond the recovery gains on the wider market on average, XLM/USDT has set itself up for a long period of consolidation which is likely to dip into the 17% gain.

In the news

China seizes $4.2 billion worth of cryptocurrency linked to an alleged scam.

German finance minister urges ECB to accelerate its CBDC development.

Tether’s market cap is growing at a near-record pace.

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Emmanuel Young

Having entered the cryptoworld in 2013, Emmanuel is a broker, investor and crypto enthusiast. He has contributed to a number of crypto related projects and enterprise and sees the industry as the future of finance.

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