The XLM Price has seen an impressive 26% increase in the last 24 hours, positioning Stellar Coin as one of the top gainers in the crypto market. As of today, the Stellar Price is trading at $0.43, with a 24-hour low of $0.33 and a high of $0.45. This surge has led to a market cap increase of 28%, now reaching $13.16 billion.
Read Detailed Stellar(Xlm) Price Prediction for more insights
Key Technical Patterns Behind the Rally
Formation of a Falling Wedge Pattern
The Stellar Lumens Coin recently broke out of a falling wedge, a bullish technical pattern.
This pattern is formed by two downward-sloping and converging trendlines.
A breakout above the upper trendline often leads to a strong upward move.
Breakout Above Key Levels
XLM Price has surpassed the 50-day moving average, a critical technical indicator.
It also moved above the 50% Fibonacci retracement level, reinforcing the bullish momentum.
Bullish Continuation Expected
- These technical signals point to the potential for further gains.
Market Optimism
- The recent breakout highlights growing confidence among traders and investors in Stellar Crypto.
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Bullish Momentum Fueled by Short Liquidations
Another important factor behind the Stellar Crypto Price surge is the liquidation of short positions. According to on-chain data from Coinglass, $531,570 worth of short positions have been liquidated over the past four hours, out of a total $711,230 in liquidations. The liquidation of these positions has led to increased buying pressure, further pushing the Price Of Stellar higher.
Short Positions Liquidated: $531,570 in the last 4 hours
Total Liquidations: $711,230
As a result, Stellar Crypto is currently in a strong bullish trend, and traders are betting on the continuation of this upward momentum.
What’s Next for XLM?
Looking ahead, XLM Price Prediction indicates a possibility of further upside. If the price continues to rise, we could see the Stellar Prediction hit a target of $0.64, a significant gain from the current price level. Key liquidation levels for XLM are at $0.356 on the downside and $0.383 on the upside, with traders heavily positioned at these levels.
If sentiment remains positive, and the bulls continue to dominate, Stellar Price Prediction 2024 suggests that XLM Price could potentially reach even higher levels.