XLM Bullish Momentum Returns: After a price drop, Stellar (XLM) is recovering with bullish momentum, forming a strong risk-to-reward setup for traders.
XLM Price Action Shows Bullish Pattern: Technical analysis suggests XLM could soar if it closes above $0.415, with traders positioning for potential gains.
After a continuous price decline, the cryptocurrency market seems to be recovering, and Stellar (XLM) appears to be regaining its bullish momentum. In the past three days, XLM has experienced a price decline of over 18% and has also broken through its crucial support level of $0.403.
XLM Bulls Back
However, with today’s upside momentum, XLM has returned to the support level and is poised for further gains. The potential reason for this price recovery across the crypto market, including XLM, is the upcoming inauguration of President-elect Donald Trump
Donald Trump
Donald J. Trump is a US-based entrepreneur, Pro-crypto Politician, and the 45th and 47th President of the United States of America. He understands the importance and needs of the modern fintech world, and people look up to him as a dominant pro-crypto leader.
Quick Facts
Full name Donald John Trump Birth 14-06-1946, New York, United States Nationality American Education BS from the University of Pennsylvania Known For Businessman, Pro-Crypto Politician
Once doubtful about Bitcoindominance, he said in a tweet in 2019, “I am not a fan of Bitcoin", but now has a significant amount of cryptocurrency holdings in his kitty. He has also signed an Executive Order to establish a Strategic Bitcoin Reserve, which highlights his commitment to the future of cryptocurrency.
Donald Trump - Career Highlights & Events
2016 – Elected as the 45th President of the United States from the Republican Party. 2017 – Signed the Tax Cuts and Jobs Act, impacting investment environments 2019 – Criticized Bitcoin and Libra on X, dubbing them as "not money" 2024 – Campaign signals potential openness to crypto-friendly reforms 2025 – Elected as the 47th President of the United States from the Republican Party.
A meme coin, $TRUMP, is associated with Donald Trump, which is listed on the Solana blockchain platform. His family also backs World Liberty Financial (WLF), a crypto venture.
President scheduled for January 20, 2025.
With this potential price recovery, the XLM daily chart has formed an ideal setup for traders looking to go long, with a perfect risk-to-reward ratio.
XLM Technical Analysis and Upcoming Levels
According to XLMโs daily chart, traders can see an attractive 1:5.6 risk-to-reward ratio, with a stop loss at $0.38 and a target at the $0.60 mark.
If we delve deeper into the analysis, expert technical analysis suggests that XLM is forming a bullish inverted head-and-shoulders price action pattern on the daily time frame.
Based on the recent price action, if XLM closes its daily candle above the $0.415 mark, there is a strong possibility it could soar significantly and complete the speculated price action pattern.
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Traders Over-Leveraged Positions
Looking at this bullish outlook, traders seem to be building long positions, as revealed by the on-chain analytics firm Coinglass.
According to the data, the major liquidation level on the lower side is $0.388, where traders have held significant long positions worth $7.47 million. However, $0.422 is another major liquidation area where short sellers have built over $2.09 million worth of short positions.
These levels are areas where traders are over-leveraged and have the potential to be liquidated if the price shifts to either level.
Current Price Momentum
Currently, XLM is trading near $0.418 and has witnessed a price surge of over 4.5% in upside momentum. However, during the same period, its trading volume has also increased, indicating heightened participation from traders and investors.
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FAQs
Yes, it is a good investment option for the long term, as its stout fundamentals could eventually drive the price.
Its vision holds numerous milestones and updates, considering that the future does seem to be bright.
No, this crypto token cannot be mined.