Stellar (XLM) up 69%, ATH draws closer – brief analysis

Stellar (XLM) has been steadily gaining momentum in recent days, currently trading at $0.52 — a 127% increase over the past week.

XLM is currently trading just below a key resistance level at $0.58. Breaking through this critical price point could pave the way for a surge to $0.71. Sustained buying momentum at this level may position XLM to reclaim its all-time high of $0.91.

Furthermore, readings from its Average Directional Index (ADX) confirm this bullish outlook. As of this writing, XLM’s ADX is in an upward trend at 68.945.

Also, XLM’s rising open interest indicates heightened market activity and confirms strong investor confidence. On Saturday, the token’s open interest climbed to an all-time high of $291 million. 

However, if buyer exhaustion sets in, XLM’s price will fall toward support at $0.47, invalidating this bullish outlook.