- Stellar’s cryptocurrency XLM continues to maintain a bullish trend overall while other leading cryptocurrencies experience a slowdown.
- XLM had a great start in the first quarter and rallied over 60% during this period. Unfortunately, it gave back these gains in the second quarter, which favored the bulls.
- The recent increase in social dominance confirmed that XLM is receiving more attention, resulting in higher trading volume.
Stellar’s cryptocurrency XLM continues to maintain a bullish outlook and attract attention on social media despite the calmness in the cryptocurrency market.
XLM Maintains a Bullish Outlook Despite Calmness
Stellar’s cryptocurrency XLM continues to maintain a bullish trend overall while other leading cryptocurrencies experience a slowdown. This means that those who have held XLM since May or June have made significant gains. This growth can be associated with increasing confidence as Stellar’s future becomes brighter.
XLM had a great start in the first quarter and rallied over 60% during this period. Unfortunately, it gave back these gains in the second quarter. However, the bulls made a strong comeback from the second half of June and have risen to price levels seen in May 2022 so far.
At the time of writing, XLM is trading at $0.1668, slightly retracing from the peak of $0.1977 seen on July 13. This price represents a 111% gain from the lowest price in June. This has made it one of the best-performing cryptocurrencies in terms of market value. It has also been one of the top-performing cryptocurrencies in the past 24 hours.
Several points should be noted about the price chart. XLM encountered overselling during the summer. Additionally, the Money Flow Index (MFI) indicated some outflows despite the recent rise, which is likely a sign of profit-taking. All of this is happening alongside an increase in social dominance and daily trading volume.
The recent increase in social dominance confirmed that XLM is receiving more attention, resulting in higher trading volume. However, this may also indicate the possibility of exit liquidity coming into play. At the time of writing, most leading cryptocurrencies were not in a bullish trend, so the likelihood of XLM correlating with Bitcoin is significant.
Can XLM Sustain Current Levels?
We should not overlook the chance of further growth or sustainable levels, especially considering one of the main reasons for the current excitement. Stellar’s blockchain is currently at the forefront of digital dollar distributions worldwide.
It is reported that Stellar has partnered with Bitso, a cryptocurrency company in South America. This partnership will facilitate the integration of Stellar’s Anchor network and enable the use of USDC for making payments in multiple countries.
This includes Mexico, Colombia, and Argentina. The long-term goals of the network also include providing global access. Achieving this goal will likely unlock strong growth and reveal more usage and demand for XLM.
