XLM Price Nears 3-Month Resistance at $0.20

XLM's price surge has some investors hopeful that it can finally break through the $0.20 resistance level.

Over the past 24 hours, XLM has seen an 8.2% increase in value, with its daily trading volume spiking by 221%, according to Coinalyze data.

This strong volume was accompanied by a 14.4% surge in Open Interest, and the spot CVD has been rising in recent hours.

Despite some market participants attempting to short-sell at the local resistance level of $0.184, the bullish momentum remains intact.

The altcoin's bearish long-term trend was highlighted in a recent report by AMBCrypto, but for now, XLM's price is defending its support at $0.173.