Stellar [XLM] has finally ended its bearish trend and is now poised for a significant rebound.
As of the time of writing, XLM has surged 15.25% in the past 24 hours, reaching $0.4610. This increase has attracted a large number of traders and investors, leading to a 292% surge in trading volume compared to the previous day.
Given the current market sentiment, several bold predictions have emerged on X (formerly Twitter).
Some predict it will rise to $0.90, some to $1, and even some claim it could rise to $1.59. These bold predictions reflect the growing interest of cryptocurrency enthusiasts in the asset.
XLM Price Trends and Technical Analysis
Technical analysis from AMBCrypto shows that XLM has successfully broken out of a bullish flag and pole pattern.
In addition, the asset's daily closing price is above the local resistance level, paving the way for an upward trajectory without encountering any obstacles.
According to recent price trends and historical patterns, if this momentum continues, the asset could soar by 30% and potentially reach $0.60 in the future.
Meanwhile, in the current pattern, the likelihood of a price increase is high, potentially reaching a peak, which means it could rise by 50% to the level of $0.70.
At the time of publication, the chart flashed a 'super trend' indicator, which is a bullish signal indicating strong buying pressure and a bullish dominance of the asset.
At the same time, the Relative Strength Index (RSI) is at 63, still below the overbought zone, indicating that XLM has enough room to rise and continue its upward momentum.
Investors and traders are participating bullishly.
On-chain tool CoinGlass shows that investors and long-term holders seem to be accumulating tokens.
Data shows that over $2 million worth of XLM tokens have left exchanges in the past 24 hours, suggesting potential accumulation.
Meanwhile, traders are also betting heavily on the bullish trend.
Currently, the main liquidation levels are $0.4297 and $0.4711, which typically serve as support and resistance levels for the asset.
In addition, traders at these levels have established long positions worth $22.27 million and short positions worth $3.46 million.
This clearly indicates that the bulls are dominating the asset, and XLM is very likely to liquidate short positions worth $3.46 million.
