XLM Price Analysis: Meridian 2024 Conference Impact and Future Prospects

Stellar blockchain, known for its robust cross-border payment support, saw a slight uptick in its native token, XLM, following its concluded Meridian 2024 conference in London

Stellar blockchain concluded its annual Meridian 2024 conference in London, UK. The event showcased the chain’s development and new partnerships, particularly in the payment ecosystem.

Following the conference, the chain’s native token, XLM, saw a slight uptick in its price. However, despite the latest collaborations with MoneyGram, Paxos, and others, XLM only had a modest 8% jump.

After August’s massive sell-off, XLM has been stuck in a tight range between $0.09 and $0.10. Throughout the same period, $0.10 has been a local supply zone (marked red).

At press time, XLM had finally reclaimed the 50-day EMA (Exponential Moving Average). The last time XLM reclaimed the dynamic support was in September; it consolidated near it for a while before surging to the local supply at $0.1.

If the trend were to repeat, XLM could hover near the 50-day EMA before extending its October recovery to 11%. The RSI’s northward movement indicated slow but steady growing buying pressure for the altcoin, which supported the bullish outlook.

However, the On-Balance Volume (OBV) was low and below the September peak, indicating that a strong bullish sentiment had not kicked in.

Stellar event impactDuring Stellar’s annual event, which was held from 15th to 17th October, there was a considerable surge in XLM spot market demand and interest in the futures market.

The CVD (Cumulative Volume Delta) spiked, illustrating increased spot market demand.

Similarly, open interest jumped from $123 million to $132 million, indicating strong interest amongst speculators in the futures market. In short, the event might have slightly boosted the XLM market.

That said, the XLM liquidation heatmap supported the price analysis findings. Notably, massive long positions (bright cluster) at $0.094 coincided with the 50-day EMA. This meant that the level could act as support in the short term.

Similarly, the overhead levels at $0.1 and $0.098 had increasing short positions, which were conceded with the local supply zone. Hence, these were key targets to track in the short term.