Analyzing the Potential for Stellar [XLM] to Reach $0.60

Stellar [XLM] has attracted the attention of traders and investors thanks to its strong performance in the past 24 hours.

The surge in XLM’s value today could potentially be attributed to its price movement and the backing it has from traders.

As of the current moment, XLM is hovering around $0.355 following an increase of more than 8.5% in its value over the last day. The surge in trading volume indicates a growing interest from both investors and traders, with a notable 55% rise.

Analysis of XLM’s Technical Aspects and Future Levels

As per CryptoCrypto’s analysis, XLM has recently formed a descending triangle pattern on the daily timeframe. The current situation suggests that the price is set to break out of this pattern, having entered a period of tight consolidation.

In addition, the altcoin has shown a bullish pin bar candlestick pattern close to its support level’s bottom, hinting at a probable reversal in its price trend.

Considering the recent price movements and historical data, there is a strong likelihood that if XLM manages to break out of the current pattern and close a daily candle above $0.371, it could potentially surge by 62%, reaching $0.60 in the days ahead.

At present, XLM is trading above the 200 Exponential Moving Average (EMA) on the daily chart, indicating its sustained upward trajectory.

Increasing Open Interest and Key Liquidation Zones

Statistics from the on-chain analytics company Coinglass indicate that XLM’s Open Interest (OI) has seen an 18% rise in the last 24 hours. This uptick reflects a growing number of traders initiating new positions, signaling a shift in sentiment towards XLM.

Currently, prominent liquidation areas are identified around $0.339 on the lower end and $0.361 on the higher end, with traders holding significant leverage at these points, as per Coinglass.

Traders seem to have established an equal number of long and short positions at these levels. Any movement in XLM’s price towards these points could result in the liquidation of around $3.12 million worth of positions, both long and short.

Consequently, the overall sentiment towards XLM appears positive, although breaching the $0.361 threshold remains crucial for a notable uptrend.