Stellar (XLM) Breaks Out, Gains 8.5% in One Day
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Key Takeaways
Stellar (XLM) has achieved a significant breakout after five months of downward trend. Since November 2024, XLM had lost around 65% of its value before a trend reversal set in. The price is currently trading at approximately 0.284 USD – an increase of 8.5% within a single day. This development is accompanied by a notable 25% surge in trading volume. Many traders are betting on further price increases.
Strong Optimism Among Traders
A look at the trading data shows: 65.37% of top traders on the crypto exchange Binance are holding long positions on XLM. The long/short ratio stands at 1.89, indicating a clear dominance of the buyers’ side. Long positions are bets on rising prices, while short positions bet on falling prices.
Liquidations Could Amplify the Rally
According to data from Coinglass, many leveraged positions are in critical areas. Around 0.2558 USD (support) and 0.285 USD (resistance), millions of dollars in long and short positions have been established. In total, long positions worth 6.37 million USD and short positions worth 1.63 million USD are close to liquidation. Liquidations occur when the price reaches a certain threshold and positions are forcibly closed, which can intensify the price movement.
Exchange Outflows Indicate Accumulation
In the past 24 hours, XLM worth 1.19 million USD has been withdrawn from exchanges. Such outflows often suggest that investors are transferring their coins to private wallets, indicating a long-term holding intention. Lower exchange balances can reduce selling pressure and support the price.
Technical Analysis Points to Further Gains
According to technical analysis, XLM has broken out upwards from an important chart pattern – a falling channel. Such breakouts are considered strong buy signals. As long as the price remains above 0.275 USD, there is a chance for a further increase of up to 30%, which would imply a price target of around 0.375 USD. However, if XLM falls back below 0.26 USD, the positive development could stall.
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Our Assessment
The current breakout in Stellar (XLM) is a positive signal after a long period of weakness. The combination of rising trading activity, dominant long positions, and exchange outflows suggests a possible continuation of the upward movement. Nevertheless, some risk remains, especially if the price falls below key support levels. Those trading or investing in XLM should closely monitor price developments and practise proper risk management.
Sources
- Coinglass
- TradingView
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