Recently, Stellar (XLM) has been demonstrating positive indicators for potential upward movement, suggesting a possible surge towards $1.80.
The combination of technical signals and price action appears to be indicating a bullish trend for the altcoin’s market. This raises the question: Can XLM overcome key resistance levels to reach the projected target?
Price Action of XLM – Factors Driving Market Momentum
As of the current moment, XLM is valued at $0.3574, reflecting a modest increase of 0.17% in the past 24 hours. The coin’s price has been range-bound between $0.35 and $0.37, showcasing resilience by maintaining stability above important support levels.
XLM is encountering resistance at $0.37, with crucial barriers standing at $0.44 and $0.50. Should the price sustain above $0.35 and breach these resistance points, XLM could aim for $1.80.
Thus, the price movement of XLM in the upcoming days will be pivotal in determining whether the bullish pattern observed leads to a breakout.
XLM Social Sentiment and Market Influence – Trends in Investor Sentiment
The social volume and dominance of XLM have also experienced a decline, with social dominance dropping to 0.28%. This reduction may suggest waning investor interest in the cryptocurrency, potentially impacting short-term price fluctuations.
Nevertheless, based on historical patterns, these metrics often react to price shifts.
If XLM advances and surpasses resistance barriers, social activity could rise, rekindling interest within the broader crypto community. Hence, while current social metrics might be subdued, they are likely to change if price action supports a breakout.
Are the Technical Charts Signaling a Positive Momentum?
As of now, XLM’s Relative Strength Index (RSI) stands at 47.76 – a neutral position indicating the coin is neither overbought nor oversold. However, a move beyond the 50 threshold would suggest an accumulation of buying pressure.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator has crossed over the Signal line, suggesting a favorable shift towards bullish sentiment in the market. These technical tools collectively imply that XLM may be gearing up for an upward breakthrough.
Liquidation Heatmap – Anticipated Trader Behavior
Lastly, the liquidation heatmap for XLM reveals a notable cluster of liquidations around the $0.36 level. This concentration indicates potential price resistance at this point. However, it also suggests that a breakout could trigger a cascade of liquidations, propelling the price higher.
Liquidation events typically induce volatility, which could serve as a catalyst for the upward momentum required for Stellar to reach higher price targets.