Stellar up 37% in Volume, But XLM Price Sees Major Twist
Stellar (XLM) has seen a significant jump in volume as the coin plots another rebound move on the crypto market. This comes after Stellar shed over 13% in the last 30 days amid bearish sentiment in the community.Stellar’s price sends mixed signals despite rebound attemptAs per CoinMarketCap data, Stellar’s trading volume climbed by 37% to $227.7 million in the last 24 hours to wipe out investors betting on a bearish turn. The rise in volume matched a price reversal for XLM, which has been on a downward spiral over the last 30 days.Meanwhile, there has been a major twist with the price, as its initial uptick to a high of $0.2625 suffered a 2% decline over the past hour. This was likely sparked by volatility that has dogged the coin in recent times. As of press time, Stellar exchanged hands at $0.2537, which represents a 5.46% increase within this time frame.It is worth mentioning that despite the 37% volume spike and more than 5% price gain, Stellar remains in a troubled state. Notably, XLM still trades below critical levels and has not been able to reclaim the $0.30 resistance mark. In fact, since Nov. 13, Stellar has not been able to attain $0.28.This continued bearish outlook has negatively impacted the altcoin in the past month. Market participants might expect the current increase in volume to linger and trigger a further climb in price. Failure to sustain the momentum could cause Stellar to slip and threaten the $0.20 support level.XLM's faltered rallies leave it in defensive positionLess than 10 days ago, the same wave of optimism had spread through the Stellar community when XLM recorded an 8% price gain. Some investors thought the price had bottomed out at around $0.2460 as the Relative Strength Index (RSI) stood at 39, signaling oversold sentiment.However, the coin could not sustain the upward momentum as Zcash (ZEC) continued its rally against Stellar. It will take a sustained price rally for XLM to regain its previous level of market capitalization, and proponents are watching.