XLM has been following the general sentiment in the crypto market and records bullish momentum in lower timeframes. The cryptocurrency records high volatility in the past day, as the U.S. published its latest Consumer Price Index (CPI) which continues to trend higher. Related Reading | Stellar To Deploy Smart Contracts By End Of 2022? XLM Reacts To The Upside As of press time, XLM is trading at $0.23 with a 1.7% loss in the last 24 hours, a 3.2% and 22.6% profit in the last hour and 30 days, respectively. Although XLM has been following the general market trend, it has been lagging when compared to Bitcoin, Ethereum, and other largest cryptocurrencies. Data from Material Indicators suggest the recent upside move to the upside was sold off by small investors. As the market approached the CPI print, investors with ask orders of up to $10,000 drove the price down, but bulls were quick at reverting the downside trend. This positive reaction suggests investors have already price-in inflation impact on the market, at least, for the short term. Bullish intraday reversal on the open. Market saying inflation doesn't matter for now any longer. — Alex Krüger (@krugermacro) February 10, 2022 Thus, XLM’s price and the crypto market could see an extended bullish trend. Additional data provided by Material Indicators shows that Stellar bounced back on critical support, as there was a cluster of bidding orders around today’s lo...
