XLM Eyes 40% Rally, Key Level to Watch
The post XLM Eyes 40% Rally, Key Level to Watch appeared first on Coinpedia Fintech News
The sentiment across the crypto landscape has completely shifted following the Crypto Strategic Reserve announcement. Amid this, XLM, the native token of Stellar, soared impressively but did not gain as much as expected.
Current Price Momentum
As of today, March 3, 2025, XLM has gained 5% in the past 24 hours and is currently trading near $0.33. Meanwhile, its rival XRP has soared significantly during the same period.
With this upward move, XLM has reclaimed the crucial support level of $0.31 but is once again facing selling pressure at $0.36, a historical resistance level.
XLM Technical Analysis and Upcoming Levels
According to expert technical analysis, XLM appears to be forming an inverted head and shoulders pattern on the daily timeframe, with a neckline at $0.365. Based on historical price momentum, if the asset continues to rise, breaches the $0.365 level, and closes above it, there is a strong possibility it could surge by 40% to reach $0.50 in the coming days.
However, during the recent price dip, XLM successfully retested its 200-day Exponential Moving Average (EMA), indicating that the asset is in an uptrend and highlighting its bullish strength.
Bullish On-Chain Metrics
With XLM’s bullish outlook, investors and traders have shown strong interest and confidence, betting on the upside and accumulating tokens, as reported by the on-chain analytics firm CoinGlass.
$2.45 Million Worth of XLM Outflow
Data from spot inflow/outflow reveals that exchanges have witnessed a significant outflow of $2.45 million worth of XLM tokens in the past 24 hours.
Traders Bullish Outlook
At press time, the major liquidation levels are at $0.318 on the lower side and $0.339 on the upper side, with traders over-leveraged at these levels. Data further reveals that bulls are currently dominating the asset, building $2.90 million in long positions at the lower level, hoping the price won’t fall below $0.318. Meanwhile, traders betting on the short side have held $2.18 million in short positions at the $0.339 level. However, these positions will be liquidated once the price moves in either direction.
