Stellar (XLM) is showing signs of potential growth, with experts predicting a 25% increase to reach the $0.45 level if it can maintain the $0.35 level. Currently, the majority of top traders on Binance are holding long positions, indicating a bullish sentiment in the market.
A renowned crypto expert recently highlighted a buy signal for XLM, citing the TD Sequential technical indicator. The expert emphasized the importance of XLM holding the $0.33 level to sustain its rally.
Technical analysis of XLM suggests that the token is consolidating within a tight range between $0.34 and $0.39, near a critical support level of $0.347. The price action in this range will determine the future direction of XLM, with a potential 25% surge to $0.45 if the support level holds.
On the flip side, a failure to maintain the support level and a close below $0.33 could lead to a 33% decline to $0.22 in the future. Despite the price being stretched from the 200 Exponential Moving Average (EMA), the asset remains in an uptrend.
On-chain metrics also support a bullish outlook for XLM, with long-term holders and traders showing interest as the token approaches key support levels. Data from Coinglass indicates a significant outflow of XLM from exchanges, signaling increased buying pressure and potential upside momentum.
Moreover, the long/short ratio for Binance’s XLMUSDT pair is currently at 1.87, with 65.4% of top traders holding long positions and 34.6% holding short positions, further reinforcing the bullish sentiment.
In conclusion, the combination of on-chain metrics and technical analysis suggests that bulls are in control of XLM and could potentially maintain the $0.35 level in the future. At the time of writing, XLM is trading near $0.358, experiencing a 3% price decline in the past 24 hours. The drop in trading volume by 19% indicates reduced participation amid market uncertainty.
Overall, Stellar (XLM) presents a promising outlook for potential growth, provided it can hold key support levels and continue to attract interest from investors and traders in the market.