XLM Price Soars 8.2% as Bulls Eye $0.20 Resistance Zone

The Stellar (XLM) price has surged by 8.2% in the past 24 hours, with its daily trading volume increasing by a substantial 221%. This strong volume was accompanied by a 14.4% surge in Open Interest over the same period.

The spot CVD has been rising in recent hours, and the funding rate briefly dipped into negative territory, but this did not halt the bullish momentum of the XLM price. In fact, it showed that market participants tried to go short at the local resistance level at $0.184 and got their fingers burnt for trying.

XLM's bearish long-term trend has been highlighted in a recent report by AMBCrypto, but the altcoin's current trend is shaping up to be bullish. The swing structure on the 1-day timeframe is bullish, with the Fibonacci retracement levels indicating that $0.173 was the 78.6% retracement level, which has been tested over the past two weeks.

The next local resistance zone to watch is $0.20, and XLM's price is headed towards this area. The liquidation heatmap highlighted the importance of this supply zone, and a bullish breakout past it depends on strong demand in the spot and derivatives markets.