Bearish
Stellar's XLM price drops nearly 5% amid 11% decline in open interest
Over the past 24 hours, Stellar's XLM token experienced a significant price decline of nearly 5%, coinciding with an 11% drop in open interest, indicating potential profit-taking by investors. This downturn aligns with a broader market sell-off, which saw over $465 million in liquidations, with long positions accounting for more than half of the total.
Key points
- XLM's price fell nearly 5% in the last 24 hours, extending Tuesday's decline.
- Open interest for XLM decreased by 11.79%, reaching $142.74 million, suggesting profit-taking.
- The broader crypto market experienced over $465 million in liquidations, with long positions accounting for over 50%.
- Despite the recent decline, the global cumulative open interest in crypto futures remains above $143 billion, indicating a moderately positive funding rate.
Sources
AI-generated from public news sources. Not financial advice.
