The post XLM Eyes Potential Upside as Price Approaches Critical $0.361 Resistance Level appeared on BitcoinEthereumNews.com.

XLM is on the verge of a critical breakout, needing to surpass the $0.361 resistance level to initiate a new phase of upward momentum. Traders are currently positioned at a pivotal juncture, with over-leveraged trading noted at both lower support of $0.339 and upper resistance of $0.361. “XLM’s Open Interest (OI) surged 18% in just 24 hours, indicating a notable shift in trader sentiment,” according to insights from COINOTAG. This article discusses XLM’s crucial price levels and recent bullish momentum, as the cryptocurrency looks to breach significant resistance to capitalize on new upward trends. XLM’s Technical Dynamics and Price Action Overview Recent analyses reveal that XLM is demonstrating a strong technical setup, having formed a descending triangle pattern on the daily chart. This pattern is often a precursor to significant price movements. As XLM enters a consolidation phase, traders are closely watching to see if it can break this pattern, indicating a potential upward trend. The emergence of a bullish pin bar candlestick suggests a reversal is possible, especially given its formation near the support level. If XLM can successfully breach and close above the $0.371 mark, analysts predict a bullish surge that could see prices rise by approximately 62%, targeting the $0.60 level shortly thereafter. Source: TradingView Currently trading above the 200 Exponential Moving Average (EMA) on the daily chart reinforces the perspective that XLM is positioned in an overall uptrend, further motivating traders to watch the critical resistance closely. Open Interest and Strategic Liquidation Zones Recent data provided by Coinglass highlights a significant shift in trading sentiment as XLM’s Open Interest surged by 18% over the past day. This increase indicates that traders are actively establishing new positions, capturing the increasing interest in Stellar’s market behavior. Key liquidation thresholds have emerged, specifically around $0.339 and $0.361. Given that…

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Filed under: News - @ January 1, 2025 2:22 pm