Hey Binance Square family! š
Stellar (XLM) is showing promising signs of a significant breakout. Let's delve into the latest developments and identify key levels to watch.
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š Current Market Snapshot
Current Price: $0.2892
24h Change: +0.90%
24h High / Low: $0.2915 / $0.2827
Market Cap: $8.98 billion
24h Trading Volume: $171.36 million
Circulating Supply: 31.12 billion XLM
Max Supply: 50 billion XLM
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š Technical Analysis
Recent analyses suggest that XLM has broken above a key descending trendline, signaling a potential shift from bearish to bullish momentum. This breakout often marks the end of a consolidation phase and the beginning of a new upward trend.
Additionally, XLM has reclaimed a critical demand zone near $0.28 and is showing strong signs of reversal with a bullish engulfing structure on the 30-minute chart. Price is approaching the neckline of the previous structure, suggesting a possible breakout move if volume sustains.
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šÆ Trading Strategy
For Long Positions:
Entry Point: $0.28 ā $0.29
Stop-Loss (SL): $0.27
Take-Profit (TP) Levels:
TP1: $0.32
TP2: $0.36
TP3: $0.42
TP4: $0.50
TP5: $0.60
Note: Always conduct your own research and consider your risk tolerance before entering any trade.
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š§ Final Thoughts
Stellar's recent price action indicates a potential bullish breakout. Traders should monitor key support and resistance levels and watch for confirmation signals before entering positions. As always, employ proper risk management strategies to protect your capital.
*Disclaimer: This article is for informational purposes only and does not constitute financial advice.*