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Stellar Lumens has seen market growth of more than 20% this week and profits for seven consecutive days.
The native token XLM has profited since the introduction of its innovation Soroban in addition to the favorable price changes in the cryptocurrency market.
Stellar Lumens (XLM) has reached its best trading level since November 11, 2022, as the currency is driven toward $0.11 by strong fundamentals and technicals.
For the first time in a year, XLM hit the $0.10 mark last week. XLM has increased in worth by just under 10% since hitting the $0.10 mark.
Volume is a crucial component for price increases. The Blockchain Forensics Platform reports that this week saw a substantial rise in Volume for XLM.
On March 31, Volume for XLM hit $220 million, the highest figure for XLM since November of last year.
For context, the greatest Volume for XLM in February was $125 million, which means that the highest Volume for XLM last month has been exceeded by more than 76%.
The negative opinion is another element that may help XLM make more profit. Santiment’s social statistics shows that opinion toward XLM has significantly increased.
Additionally, this was the second-largest increase in anti-XLM opinion ever. Since the sharp increase in unfavorable sentiment began on March 28, XLM has seen its price rise by almost 10%.
Since the selling lows for the week, XLM has increased in price by more than 22%. It may be interpreted as a contrarian indication as traders turn overwhelmingly negative toward the most recent upward movement in XLM.
On March 29, XLM crossed a price range that had been increasing since the beginning of the year and had been centered around $0.10.
On March 30, a second retest of the channel was successful and XLM surged toward the $0.11 region, gaining close to 10%.
From current trading levels, XLM could rise towards the $0.13 region based on the channel’s total size, representing a price increase of just over 18% for XLM.
This price forecast also neatly aligns with the previous significant swing highs from August and October 2022, both of which are situated just above the $0.13 region.
However, XLM might revert back toward the $0.09 support region if there were a false breakthrough above the aforementioned price range.
