[ad_1]
- 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.
Stellar [XLM] seemed to be gaining attention from traders and investors due to its impressive performance over the past 24 hours.
The potential reason for XLM’s strong performance today could be its price action and support from traders.
At press time, XLM was trading near $0.355 after a price rally of over 8.5% in the past 24 hours. The asset’s trading volume highlighted increased interest from investors and traders, as it jumped by 55%.
XLM technical analysis and upcoming levels
According to AMBCrypto’s technical analysis, XLM had formed a descending triangle pattern on the daily time frame. The price appears poised to breach this pattern as it has entered a narrow consolidation zone.
Additionally, the altcoin had formed a bullish pin bar candlestick pattern near the bottom of the support level, signaling a potential price reversal.
Source: TradingView
Recent price action and historical momentum suggests that if XLM breaks out of this pattern and closes a daily candle above the $0.371 mark, there is a strong possibility it could surge by 62%, reaching the $0.60 level in the coming days.
Currently, the asset is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating that XLM remains in an uptrend.
Rising OI and major liquidation areas
Data from the on-chain analytics firm Coinglass revealed that XLM’s Open Interest (OI) surged by 18% in the past 24 hours. This showed that traders were forming new positions, as sentiment around XLM began to shift.
At press time, major liquidation areas were near $0.339 on the lower side and $0.361 on the upper side, with traders over-leveraged at these levels, per Coinglass.
Source: Coinglass
Read Stellar’s [XLM] Price Prediction 2025–2026
Also, traders appeared to have formed an equal number of long and short positions at these levels. If the XLM price moves to these levels, $3.12 million worth of short and long positions could be liquidated.
Thus, sentiment for XLM was bullish, but the price needs to breach the $0.361 mark to witness significant upside momentum.
[ad_2]
Source link