Stellar (XLM) Shows Signs of a Breakout
Stellar (XLM) has experienced a notable surge, with a 10% increase in its trading price, currently standing at $0.1254. This digital currency holds the 20th position in terms of market worth, with a total market capitalization of $3.4 billion. Among cryptocurrencies, XLM ranks third in total gains over the past 24 hours, following Rocket Pool (RPL) and Synthetix (SNX).
Market observers are intrigued by XLM’s recent surge, considering its consistent bearish sentiment and shorting pressure. However, there are indications that liquidations in the market could contribute to an upward price movement for XLM. Santiment, a crypto market intelligence platform, suggests that ongoing liquidation activity could act as a catalyst for a price increase.
Santiment also recommends monitoring other cryptocurrencies, such as TON (TON), Monero (XMR), and ARBITRUM (ARB), as they may exhibit similar breakout potential or significant market developments.
In terms of price analysis, XLM is currently navigating between a support level at $0.11309 and a resistance level at $0.12926. Holding above the support level could signal an upward trend, while breaching it may lead to further declines. Breaking through the resistance level would be a significant achievement and could pave the way for further price appreciation.
Please note that this content should not be considered investment advice. Investing in cryptocurrencies involves risk.
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