Stellar (XLM) has seen a remarkable increase in its price, with a rise of 78% over the course of the week, reaching its highest level for the year. This upward movement has attracted considerable attention from investors, leading to a new all-time high for the asset. The recent performance of the cryptocurrency token has reinforced its standing in the market, drawing interest from both individual and institutional investors alike.

The futures market for Stellar has shown significant activity, with the Futures Open Interest reaching an all-time high of $520 million within the last 24 hours. This increase indicates that traders are showing growing interest in the derivatives of the asset, which are benefiting from its recent price appreciation. The surge in open interest suggests a strong level of confidence in the market, as traders are placing bets on further price increases. The fact that long contracts outnumber short positions highlights a positive sentiment, creating conditions that could support continued growth in the value of XLM.

The macro momentum for XLM is also strengthening, as evidenced by the Average Directional Index (ADX), which currently stands at 28.39. This reading indicates that the upward trend in XLM’s price is gaining strength and has surpassed the 25.0 threshold, a key level used to confirm the strength of a trend. The current ADX value also represents a six-month high, signaling the rarity and robustness of the ongoing uptrend for Stellar. When the ADX is above 25.0, it typically indicates that the asset is undergoing a strong directional move. Historically, such levels have been associated with substantial price movements, making this a critical indicator for traders monitoring the asset.

At present, XLM is trading at $0.46, having increased by 78.5% over the past week. However, the asset is encountering resistance at the level of $0.47, a price point it has struggled to surpass in recent days. Breaking through this resistance is essential for further price growth, as it will determine whether XLM can continue its upward trajectory.

Given the positive sentiment among future traders and the favorable technical indicators, it is likely that XLM will overcome the $0.47 resistance and aim for the next target at $0.50 in the coming days. A successful breakout could push the price toward $0.56, marking an eight-month high. This would reflect sustained strength for the asset and could signal a continuation of the bullish trend.

However, if the broader market sentiment changes or if investors start selling their holdings, XLM could experience a significant decline. Should the price fall below the key support levels of $0.43 and $0.41, it could potentially drop further to $0.35, which would undermine the current bullish outlook and suggest a reversal in the trend.

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