- Over $3.05 million worth of XLM tokens have been withdrawn from exchanges in the last 24 hours
- XLM’s Open Interest has surged by 27%, with a long/short ratio of 1.13
At the moment, Stellar’s native token, XLM, was exhibiting a promising trend on price graphs, hinting at potential strong upward movement. Moreover, it displayed a bullish price action pattern in its daily time frame as well. As for January 12th, the broader cryptocurrency market demonstrated signs of revival, with coins like Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and many others experiencing notable surges.
Did XLM follow suit though?
Why is XLM rallying?
Indeed, the emerging market trend appears to be propelling Stellar (XLM) onto an optimistic path following a challenging period in December 2024, where it faced significant hurdles.
Currently, several aspects are contributing positively to the bullish perspective of XLM:
1. Its current market behavior and potential for a significant price increase (breakout).
2. Long-term investors’ accumulation of XLM.
3. Traders’ predictions favoring a long-term growth trajectory.
4. Enhancing overall market optimism.
In simpler terms, the combination of its current price trend, long-term investor interest, traders’ expectations for future growth, and a positive shift in the market’s general attitude are all pointing towards a bullish outlook for XLM.
XLM technical analysis and key levels
Based on AMBCrypto’s evaluation, Stellar Lumens (XLM) exhibited a bullish trend in its chart, approaching a potential breakout from a bullish head-and-shoulders formation pattern on the daily timeframe.
XLM price prediction
Each day’s analysis showed that the support line in this bullish trend was located at approximately $0.456 – a point that has served as a robust barrier to the altcoin’s advancement since early December 2024.
If XLM manages to break through its current resistance or neckline and ends the day trading above $0.47, it’s quite likely that its price could surge by approximately 30% to reach around $0.60 in the near future. This optimistic forecast is bolstered not only by the coin’s recent market trends but also by overall positive sentiment and upcoming political events, which add to the bullish outlook.
Long-term holders and traders bet big
Based on a positive market prediction, it appears that investors and long-term supporters are showing significant enthusiasm and faith in the token, as suggested by the data analysis company Coinglass. Notably, this is backed up by the Spot inflow/outflow indicator, which reveals a substantial amount of $3.05 million flowing into the token.
In summary, a recent observation shows that long-term investors could have purchased approximately $3.05 million in XLM tokens within the past day from trading platforms. This situation might indicate a profitable buying point and could lead to increased demand for XLM.
In addition to those who hold XLM for the long term, there’s growing enthusiasm from traders as well. They have been actively creating new positions in XLM. The data shows that Open Interest for XLM increased by 27% during the same period. At the moment of writing, the long/short ratio stands at 1.13 – suggesting a strong bullish outlook among traders.
At the time, 53.21% of top traders held long positions while 46.79% held short positions.
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2025-01-12 17:11