Stellar [XLM] is currently attracting attention from traders and investors as it continues to showcase impressive performance in the market. With a price rally of over 8.5% in the past 24 hours, XLM is trading near $0.355 and has seen a significant increase in trading volume by 55%.
Technical analysis of XLM indicates that the cryptocurrency has formed a descending triangle pattern on the daily time frame, suggesting a potential breakout. The presence of a bullish pin bar candlestick pattern near the support level further supports the possibility of a price reversal.
Recent price action and historical momentum point towards a potential surge in XLM’s price if it breaks above the $0.371 mark. In such a scenario, the cryptocurrency could experience a 62% increase, reaching the $0.60 level in the coming days. Additionally, XLM is currently trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an ongoing uptrend.
Data from on-chain analytics firm Coinglass reveals that XLM’s Open Interest (OI) has surged by 18% in the past 24 hours, indicating a shift in sentiment among traders. Major liquidation areas for XLM are identified near $0.339 on the lower side and $0.361 on the upper side, with traders being over-leveraged at these levels.
Traders have established an equal number of long and short positions at these levels, suggesting a potential liquidation of $3.12 million worth of positions if the price moves to these levels. Overall, sentiment for XLM remains bullish, but a breakthrough above the $0.361 mark is crucial for significant upside momentum.
In conclusion, Stellar [XLM] is currently positioned for a potential price breakout, supported by technical analysis and increasing trader interest. As the cryptocurrency continues to show strength in the market, traders and investors are closely monitoring its price action for potential opportunities.