- At press time, traders were over-leveraged at $0.339 on the lower side and $0.361 on the upper side.
- XLM’s Open Interest (OI) had surged by 18% in the past 24 hours.
As an analyst with over two decades of market experience under my belt, I find myself consistently impressed by the ever-evolving landscape of cryptocurrencies, and today is no exception. Stellar [XLM] has been a standout performer over the past 24 hours, and I can’t help but be drawn to its allure.
The technical analysis indicates that XLM has formed a descending triangle pattern on the daily time frame, which suggests a potential breakout if it manages to breach this narrow consolidation zone. The bullish pin bar candlestick pattern near the support level further strengthens this notion of a price reversal.
However, I’d be remiss not to mention the looming major liquidation areas at $0.339 on the lower side and $0.361 on the upper side. Traders are over-leveraged at these levels, so if XLM breaches either of these thresholds, we could see a significant shift in market sentiment.
In my career, I’ve seen countless instances where the markets don’t always behave as expected, but the current momentum and historical performance of XLM give me reason to believe that it could surge by 62% if it breaks out of this pattern and closes a daily candle above the $0.371 mark.
As for a joke to lighten the mood: You know what they say, when life gives you lemons, buy Stellar and make Lumens!
Over the last 24 hours, XLM (Stellar) has been attracting interest from both traders and investors thanks to its strong showing in the market.
Today’s impressive performance by XLM might be due to its price movement and backing from traders.
Currently, XLM is being exchanged around $0.355 following an impressive 8.5% surge in its price over the last 24 hours. This significant rise has ignited greater interest among investors and traders, leading to a substantial increase of 55% in trading volume for this asset.
XLM technical analysis and upcoming levels
As a crypto investor, I’ve been closely watching XLM based on the technical analysis shared by AMBCrypto. It seems that XLM has formed a descending triangle pattern in its daily chart. Right now, the price action indicates we might soon see a breakout from this pattern, as it looks like XLM is trapped within a narrow consolidation zone.
Furthermore, the altcoin showed signs of a bullish reversal by forming a pin bar candlestick pattern close to its support level’s base.
Based on my years of trading experience and analysis of various cryptocurrencies, I am confident that if XLM manages to break out of its current pattern and close a daily candle above $0.371, it has a high likelihood of surging by approximately 62% in the coming days, potentially reaching the $0.60 level. This could be an excellent opportunity for both short-term traders and long-term investors who have been following XLM’s progress closely. However, as always, it is essential to exercise caution and make informed decisions based on your own research and risk tolerance.
As a crypto investor, I’m observing that the current price of XLM is hovering above its 200-day Exponential Moving Average (EMA), suggesting that this digital currency is continuing its upward trajectory and remains in a bullish trend on the daily chart.
Rising OI and major liquidation areas
According to data from Coinglass, the Open Interest for XLM increased by 18% over the last 24 hours. This suggests that traders are creating new positions, indicating a change in sentiment towards XLM.
As reported currently, potential selling zones were found around $0.339 and $0.361, while traders appeared to be heavily invested or “over-leveraged” at these price points, according to Coinglass.
Read Stellar’s [XLM] Price Prediction 2025–2026
As an analyst, I noticed that an equivalent amount of long and short positions were established at these specific price points. Should the XLM price reach these levels, approximately $3.12 million in both long and short positions might get liquidated.
Therefore, the attitude towards XLM was optimistic, however, it must break through the $0.361 barrier to generate substantial upward movement.
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2025-01-01 17:11