CandleFocus Stellar (XLM) Loses $130 Million in Open Interest After Doubling Its Price
2024-11-27
Author: Content Editor
The cryptocurrency Stellar (XLM) has seen a sharp decline in its Open Interest (OI), indicating a decrease in enthusiasm among derivatives traders and potentially weakening the recent rally's momentum. On November 24, XLM's OI reached an all-time high of $339 million but has now fallen to $209 million, coinciding with a 10% decrease in price. Additionally, XLM's social dominance has dropped significantly, suggesting lower market interest and potential price drops. On the daily chart, the Money Flow Index (MFI) reading has also dropped, indicating a potential decline in price to $0.28 or even $0.17 if the $0.22 support level is broken. However, if buying pressure increases, XLM could rally to $0.64.
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