- Stellar Lumens price may be forming a local top
- The digital asset’s social volume has reached an 8-month high
- XLM price managed to rally 15% despite poor market sentiment
Stellar Lumens News Today – the price of XLM may be forming a fresh local top as its social volume reaches an 8-month high. Reports show that Stellar has been caught in the throes of an intense uptrend in the last few days. The digital asset has added over $600 million to its overall market cap during this period.
A large part of these gains came in the past 24-hours. The price of the digital token has managed to rally despite the poor sentiment in the aggregated crypto market. Signs of overall market weakness became obvious after Bitcoin’s rejection at $9,500. The XLM/USD pair is now forming a mid-term top, as its overall social volume reached peak position.
Stellar Lumens Price Rallies 15% in Last 24-hours
At press time, Stellar is trading up by 15% at $0.091. The crypto was in a firm uptrend in recent days. The latest leg higher kicked off earlier this on Monday, July 6. At the time, XLM/USD was trading at $0.065, the position where it has consolidated at one week earlier. From this point, buyers stepped up. This triggered a rally to highs of $0.096 before a decline to $0.085. Since then, Stellar’s price has recovered slightly.
The coin is now trying to recapture its local highs. The uptrend has driven by strong social volume and a good sentiment among investors. From a fundamental side, this rally has been triggered more by hype than fundamental strength. Hence, we can conclude that it is Stellar’s plummeting on-chain development activity that has caused the rally.
Stellar Might Not be Able to Extend its Rally
Speaking on Stellar’s current outlook, Santiment a Twitter user explained that Stellar’s social volume is now showing signs of forming a local top. The chart offered indicates that the reason behind this rally might be fading already. Meaning, Stellar’s price will start retracing. Here is the tweet:
“XLM is showing signs of a local top. Its social volume has reached an 8-month high. When crowds hype a digital asset to a deviation from average on a rise in value, short or mid-term profit-taking opportunities start to pop up.”
Unless the market goes through a second wave of buying pressure to helps it surge higher, it seems Stellar will not successfully extend its current momentum. Stellar Lumens (XLM) is currently ranked number 13 by overall market cap. The coin gained 15% in the last 24-hours of trade. XLM/USD has a total market cap of $1.88 billion with a 24-hour trading volume of $885.39 million.