The cryptocurrency Stellar experienced a 15.2% increase in value on June 30.
Last past Friday, XLM reached its highest rate since April, trading at $0.11.
However, during the night of Monday, July 3, there was a correction to $0.106.
At that time, its market capitalization was just over $3 billion.
According to experienced analysts, there is a strong support level in the area of $0.1.
Additionally, the relative strength indicator (RSI) is indicative of XLM being overbought, thus increasing the likelihood of the bearish trend continuing.
With the rise in the spot rate, there has been an increase in futures contracts for XLM, totaling approximately $43 million.
This number was not seen since October 2022. The resistance zone that has been set is around $0.115, and without a substantial push from the bulls, it will be difficult to make any progress beyond this mark.
