Stellar (XLM) has suffered 2% price decline in the last 24 hours, but investors remain bullish on the asset. This is showcased by the staggering spike in its volume within the same time frame. According to CoinMarketCap data, trading volume has surged by 115.64% to $402.21 million.
Bitcoin dominance pressures Stellar price action
The shift in volume is bullish and signals that Stellar is likely to see a rebound in price. Although the asset failed to break out above the $0.42 resistance level, ecosystem investors remain positive about its future outlook.
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Notably, XLM slipped from an intraday high of $0.4235 to a low of $0.389 in the last 24 hours. However, the volume spike is beginning to trigger the recovery of the asset. As of press time, Stellar is changing hands at $0.3961, representing a 2.22% decline in overall price.
Stellar Daily Price Chart | Source: CoinMarketCap
The price decline has been linked to market-wide risk triggered by the rise in Bitcoin dominance. Although the crypto fear and greed index stayed neutral, the rise in Bitcoin dominance to 57.4% caused capital to rotate to the flagship crypto asset.
Additionally, other technical signals like the Relative Strength Index, which is at 48.19, show the altcoin has room for growth. Once it can overcome broader market volatility, XLM might soar to new heights.
Institutional adoption could drive XLM higher
As reported by U.Today, Stellar confirmed a golden cross over the weekend and could rise in an ultra-bullish mode. If market conditions align, the XLM price could climb to $0.60, especially if it can flip the $0.50 resistance level.
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Another possible catalyst would be the activities of XRP, Stellar’s rival. XLM, in a recent move, surged by 16% following the resolution of the Ripple v. Securities and Exchange Commission (SEC) lawsuit. The end of the legal battle gave clarification to Stellar and triggered the bullish rise.
Many investors anticipate more institutional adoption of XLM going forward.
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