XLM’s 15% price surge explained – Is $0.60 its next target?
After gaining 15%, the coin may now be poised for another potential 30% rally.
Key Takeaways
XLM gained 15.25%, breaking out of a bullish pattern with rising volume and investor interest. Technical indicators suggest potential rallies to $0.60–$0.70, as bulls dominate market sentiment.
Stellar [XLM] has finally ended its bearish trend and is now poised for a massive rally.
At the time of writing, XLM surged 15.25%over the past 24 hours, and reached $0.4610 level. This rally has attracted massive trader and investor participation, resulting in a 292% surge in trading volume compared to the previous day.
Given the current market sentiment, several bold predictions have surfaced on X (formerly Twitter).
Some expect $0.90, others predict $1, and some even claim $1.59 is in sight. These bold predictions reflect a strong rising interest among crypto enthusiasts in the asset.
XLM price action and technical analysis
AMBCrypto’s technical analysis reveals that XLM has successfully broken out of a bullish flag and pole pattern.
In addition, the asset closed a daily candle above the local resistance, opening the path to soar without facing any hurdles.
Based on recent price action and historical patterns, if this momentum continues, the asset could soar by 30% and may reach the $0.60 level in the future.
Meanwhile, within the current pattern, there is a strong possibility of a price surge at least equal to the pole, which suggests a potential 50% rally, reaching the $0.70 level.
At press time, charts were flashing a ‘Supertrend’ indicator, a bullish signal, indicating strong buying pressure and bulls dominating the asset.
Meanwhile, the Relative Strength Index (RSI) stood at 63, still below the overbought territory, suggesting that XLM has enough room to soar and continue its upside momentum.
Investors and traders bullish participation
Investors and long-term holders seem to be accumulating tokens, as revealed by the on-chain tool CoinGlass.
Data shows that over $2 million worth of XLM tokens have left exchanges over the past 24 hours, hinting at potential accumulation.
At the same time, traders are also following the current trend by strongly betting on the bullish side.
At present, the major liquidation levels are $0.4297 and $0.4711, which typically act as support and resistance for the asset.
Additionally, traders at these levels have built $22.27 million worth of long positions and $3.46 million worth of short positions.
This makes it clear that bulls are dominating the asset, with a strong possibility that XLM could liquidate $3.46 million worth of short positions.
