XLM's trend seemed to be reversing as selling pressure began to dominate again, with this indicating a key resistance around $0.55...
faced significant liquidation pressure on short positions, suggesting a squeeze might be imminent. In fact, the heatmap revealed a buildup of shorts at higher prices, indicating that any sudden uptrend in XLM’s price could trigger these liquidations.
This situation indicated the volatile nature of crypto markets, where sentiment can shift dramatically – Affecting prices and trader positions swiftly. In addition, XLM’s buying pressure spikes exceeded selling pressure, indicating bullish sentiment. XLM saw a peak in November with buying pressure momentarily outpacing selling.
The alternating patterns of buying and selling pressure suggested that XLM may be highly sensitive to trader sentiment – Leading to increased volatility. A breach of these levels could lead to significant price movements in either direction.At press time, XLM’s price action exhibited bullish trend on the weekly charts, with the altcoin trading at $0.4390. XLM revealed a sharp hike from its previous levels, nearing the $0.80 resistance level which seemed key for continuation.
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