XLM's optimistic momentum surges as its open interest reaches a new milestone of $613 million
The Stellar network, a blockchain platform renowned for its swift and economical cross-border payment solutions, is currently witnessing a surge in activity. Daily trading volume for XLM, the native cryptocurrency of the Stellar network, has escalated to up to $280 million, signifying a burgeoning interest in the digital asset.
In a notable development, PayPal's impending stablecoin, PYUSD, is slated to debut on the Stellar network, subject to regulatory clearance. This move could potentially bolster the network's adoption and further stimulate demand for XLM.
The Relative Strength Index (RSI) for XLM currently stands at 44, suggesting that the cryptocurrency may be undervalued. A bullish divergence is materializing on the RSI, a classic reversal signal, which could herald a potential price upsurge for XLM. However, given its relatively low RSI, there is a possibility for XLM to enter a consolidation phase instead of sustaining its rally.
In the past 24 hours, open interest in XLM futures has surged by 4.04%, and $162 million has flowed into the XLM futures market. This influx of funds signals a growing confidence in the cryptocurrency's future price trajectory.
XLM is currently transacting around $0.26, representing a 14% decline over the past month. Despite this, price forecasts for XLM vary from $0.38 to an ambitious $13 in the long run, with some analysts predicting an audacious target of $6.19 for XLM by 2030, buoyed by global adoption of Stellar's swift and economical cross-border payment technology.
However, some investors express reservations about XLM due to its centralization. The Stellar Development Foundation maintains a significant amount of control over the project, which could potentially impact its decentralization and long-term success.
In other news, Stellar has recently facilitated over 265 million transactions, underscoring the network's scalability and efficiency. This milestone further cements Stellar's position as a leading platform for swift and economical cross-border payments.
As the cryptocurrency landscape continues to shift, the future of XLM remains uncertain. However, with its growing adoption, bullish indicators, and anticipated collaborations, XLM is positioned for potential growth in the coming months.
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