CandleFocus Grayscale’s Stellar Lumens Trust Filing Triggers 58% Hike in XLM Price
2024-11-23
Author: Content Editor
Stellar (XLM) has had a significant price surge of 50% in the past 24 hours, making it the top-performing asset in that period. This surge is attributed to the recent 10-K filing by Grayscale Investments LLC for its Grayscale Stellar Lumens Trust. The filing revealed that the trust had a net increase in assets despite losses caused by token depreciation and sponsor fees. However, despite the positive sentiment, technical indicators suggest that XLM may experience a short-term decline. The Relative Strength Index (RSI) is at an all-time high, indicating overbought conditions, and the price is trading above the upper line of its Bollinger Bands, signaling potential for a correction. If a pullback occurs, the support level is at $0.35, and a further drop could occur to $0.23. Alternatively, if buying pressure increases, XLM may aim to surpass $0.52 and continue its upward trend.
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