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Walrus
Starknet
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Zylo Ecosystem
Key Insights
- XLM crypto price could soar by over 30% as the daily chart flashes a bullish signal.
- $1.3 million worth of XLM crypto has left exchanges in the past 48 hours, raising questions about the ideal time to buy.
- Traders show strong interest in long positions rather than short, hinting at a bullish sentiment for the asset.
Amid a shift in the market sentiment, XLM crypto price is poised for massive upside momentum due to the formation of its bullish price action. This bullish outlook is further recognized by the crypto enthusiasts as they appear to be making bets on the long positions and accumulating the token.
Why is XLM Crypto Price is Rising?
The sudden shift in overall market sentiment is likely driven by the strong upside momentum in top assets. Data from CoinMarketCap reveals that Bitcoin (BTC) and Ethereum (ETH) have surged by over 4.10% and 7.55%, respectively, in the last 24 hours.
This notable rally in major assets has influenced the broader market sentiment, resulting in widespread upside momentum across the crypto landscape.
At press time, the XLM crypto price stands at $0.2382 and has recorded an impressive surge of over 6.50% in the past 24 hours. During this period, investor and trader participation has skyrocketed, resulting in a notable 20% increase in trading volume compared to the previous day.
This surge in trading volume, along with the price increase, indicates strong upside momentum in the asset and further suggests a sustainable rally for the XLM crypto price.
XLM Crypto Price Action and Technical Analysis
According to expert technical analysis, the XLM crypto price has been hovering within a descending channel pattern between its upper and lower boundaries.
Despite the bearish trend, the asset appears bullish as it has formed a bullish divergence on the daily chart, hinting at a potential upside rally in the coming days.
Not only that, but the bullish setup of XLM crypto has also emerged at the key support level of $0.22, which has a history of triggering price reversals.
Based on the recent price action, if the upside momentum continues and the XLM crypto price holds above the $0.22 level, there is a strong possibility that it could end its bearish trend. If this happens, the XLM crypto price could gain over 30% and potentially reach the $0.32 level in the near future.
On the other hand, if the momentum fails and the asset does not close above the $0.25 level, there is a strong possibility that the XLM crypto price could remain within the descending channel pattern.
Bullish On-Chain Metrics
Looking at the current market structure, it appears that investors and traders hold a bullish view, as they have been accumulating and placing long positions, according to on-chain analytics tool Coinglass.
Data from spot inflow/outflow reveals that exchanges across the crypto landscape have recorded an outflow of $1.3 million worth of XLM crypto in the past 48 hours. Such an outflow suggests at potential accumulation by investors and long-term holders.
Major Liquidation Levels
Meanwhile, traders appear to be making significant bets on long positions. At press time, they are over-leveraged at the $0.2295 level, where $1.71 million worth of long positions have been built. In contrast, the $0.2475 level shows signs of over-leverage on the short side, with traders having built only $1.21 million worth of short positions.
When combining these on-chain metrics with technical analysis, it appears that the bulls are back in action and are showing strong support for TRUMP crypto.
Disclaimer
The details in this article are for informational purposes only. It does not constitute financial or investment advice for the readers. Investing in crypto assets carries the risk of financial loss. Readers should do their own research before making any investment in crypto assets.
