Stellar (XLM) climbed over 11% in 24 hours, reaching a weekly high of $0.467. The rally propelled XLM to the 12th position by market cap. Analysts suggest a potential breakout to $0.52. The double bottom pattern and positive RSI indicate a bullish market. However, the $0.40-$0.41 range is a key liquidation zone for long positions.
Stellar ( XLM ) experienced a significant surge, climbing by over 11% in 24 hours and reaching a weekly high of $0.467. This impressive rally propelled XLM to the 12th position among cryptocurrencies by market capitalization, with a value of $14.21 billion. Analysts suggest that XLM 's bullish momentum could continue, potentially leading to a multi-week high of $0.52 in the near term.
The price action of XLM displays a double bottom pattern on its four-hour chart, indicating a strong likelihood of continued upward movement. Crucially, XLM has breached the neckline of this pattern, further reinforcing the bullish outlook. The next target for the price is the 1.618 Fibonacci extension level, situated at $0.52. Achieving this level would mark a new monthly high for XLM.Contributing to the bullish sentiment is the surge in buying volume, exceeding $154 million. This increase in buying pressure is mirrored by the rise of the Relative Strength Index (RSI) to 71, suggesting that XLM may be nearing an overbought condition. The Moving Average Convergence Divergence (MACD) indicator also supports the bullish narrative, with the MACD line firmly in positive territory and trending upwards. This positive MACD trend indicates that buyers are in control of the market. Notably, XLM's recent price rally has resulted in the liquidation of over $1.5 million in short positions. This wave of liquidations has sparked increased demand for long positions, as evidenced by the shift to positive funding rates. While the current market dynamics favor XLM's upward movement, there are potential downside risks. The main liquidation zone to monitor lies between $0.40 and $0.41. A significant drop in price could trigger liquidations among long traders at this level, potentially initiating a steep downtrend
Stellar XLM Cryptocurrency Marketcap Bullish Technicalanalysis Liquidations Fibonacci RSI MACD
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