XLM surges above key resistance level, bullish momentum builds

Key takeaways

• Stellar is up 7% in the last 24 hours, making it the best performer among the top 20 cryptocurrencies by market cap.
• On-chain data, derivatives metrics, and momentum indicators collectively support a positive outlook

Stellar (XLM) is showing strong performance above critical resistance levels on Tuesday, as XLM found support around its respective resistance the previous day. 

With growing on-chain activity, positive derivatives data, and bullish momentum indicators, XLM is poised for potential upside.

Bullish sentiment backed by on-chain and derivatives data

CryptoQuant’s latest summary suggests a neutral to bullish outlook for XLM, highlighting large whale orders and favorable conditions in spot markets.

XLM is showing large whale orders with mostly neutral market metrics, reinforcing a bullish outlook.

On the derivatives front, XLM is displaying positive funding rates. XLM’s OI-Weighted Funding Rate flipped positive on Monday, reaching ...