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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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#Crypto Market Cap Hits ATH# Stellar (XLM) Poised for a Bullish Crossover: $70 Million in Short Positions at Risk.
Stellar XLMUSD has been experiencing a recent price surge thanks to bullish investor sentiment in the cryptocurrency market. This rise has also generated positive momentum in technical indicators.
XLM's price is showing signs of further strength, and investors are wondering if the altcoin can continue its upward trend.
Stellar Has Recovery Potential
The Moving Average Convergence Divergence (MACD) indicator is signaling a potential bullish crossover for XLM. The MACD histogram has recently made a near-bullish reversal, but experienced a minor hiccup. However, this hiccup is likely to be short-lived as market conditions improve.
As the broader market shows signs of stability, a bullish crossover on the MACD could propel XLM beyond current resistance levels. This could open the door for further price gains as more investors enter the market, supported by positive momentum.
The broader recovery for XLM is also supported by the liquidation chart, which shows a significant number of bearish traders holding short positions. If XLM continues its uptrend, it could trigger the liquidation of approximately $70 million worth of short contracts. This liquidation would further fuel upward momentum, making it harder for bears to control the market.
XLM's full recovery is likely to occur at $0.50, where the altcoin will likely consolidate and encounter new resistance. Reaching this level would create a volatile effect that would force bearish traders to close their positions.
XLM Price Must Gain Momentum
Currently, XLM is trading at $0.434 and has gained 18% over the past ten days. The altcoin is facing resistance at $0.445. To complete a full recovery, XLM needs to break through this resistance and reach $0.500. If the price continues in this direction, a sustained rally could emerge.
Upward momentum could carry XLM to $0.470 and closer to the $0.500 target. As short positions are liquidated, downward pressure will diminish, creating room for further upward movement. This scenario could propel XLM to new highs and potentially lead to a break above $0.500.
However, if XLM faces selling pressure, it could drop below the $0.424 support level. A drop to $0.393 would invalidate the current bullish thesis and signal a shift in investor sentiment. Such a pullback could raise concerns about the sustainability of XLM's recovery and stall it for the time being.