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Stellar (XLM) Records Decline in Derivatives Market Trading Volume

Stellar (XLM) has experienced a decline in derivatives market trading volume, adding to the overall decrease in its price. Over the past 30 days, XLM has dropped by 15%. As the spot market trading activity decreases, the derivatives market has also seen a significant decrease in daily trading volume. In the last 24 hours alone, the trading volume in Stellar’s derivatives market has declined by 52%. This represents the lowest trading volume since May 1, indicating a decline in investor interest in XLM’s futures and options contracts. On-chain data suggests that the demand for the altcoin has decreased, as indicated by a decline in the token’s Relative Strength Index (RSI). XLM’s RSI is currently at 36.31 and in a downtrend. A lower RSI value suggests selling pressure outweighs buying momentum, signaling a bearish sentiment among market participants. The XLM price prediction suggests that if demand continues to decline, the bulls might struggle to defend the new support level at $0.09, potentially leading to a further drop in price to $0.08. However, if there is a sudden increase in demand for XLM, this projection could be invalidated, and the price could rally to $0.1.