At the time of writing, traders were overleveraged at $0.339 on the downside and $0.361 on the upside.
XLM's open interest is up 18% in the past 24 hours.
Star [XLM] seems to be gaining attention from traders and investors due to its impressive performance over the past 24 hours.
The likely reason for XLM’s strong performance today could be the price action and support from traders.
At the time of writing, XLM was trading near $0.355 after a price surge of over 8.5% in the past 24 hours. The asset’s trading volume highlighted the increased interest from investors and traders, jumping 55%.
XLM Technical Analysis and Upcoming Levels
According to AMBCrypto technical analysis, XLM has formed a descending triangle pattern on the daily timeframe. The price seems ready to break out of this pattern as it has entered a tight consolidation zone.
Additionally, Elcoin formed a bullish candlestick pattern near the bottom of the support level, indicating a potential price reversal.
XLM Technical Analysis
Source: TradingView
Recent price action and historical momentum suggest that if XLM breaks out of this pattern and closes a daily candle above the $0.371 mark, there is a strong possibility of a 62% rally, reaching the $0.60 level in the coming days.
Currently, the asset is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, which indicates that XLM is still in an uptrend.
High OI and Key Filter Areas
Data from cross-chain analytics firm Coinglass revealed that XLM’s open interest (OI) surged 18% in the past 24 hours. This showed that traders were building new positions as sentiment around XLM began to shift.
At the time of writing, the main liquidation areas are near $0.339 on the downside and $0.361 on the upside, with the number of traders increasing at these levels, per Coinglass.
Main Filter Areas in XLM
Source: Coinglass
Also, it appears that traders have formed an equal number of long and short positions at these levels. If the XLM price moves to these levels, $3.12 million of short and long positions could be liquidated.
Thus, the sentiment for XLM has been bullish, but the price needs to break the $0.361 mark to witness significant bullish momentum.
