Stellar’s XLM is making headlines today with its impressive growth. This increase sets the altcoin project apart from many other top performing cryptocurrencies. It also raises eyebrows within the crypto community.
Altcoin price soared amid the big announcement and short selling!
As the new trading week kicks off, Stellar (XLM) is emerging as a standout asset. Earlier this month, Stellar fueled the excitement by hinting at a “big reveal” scheduled for September 12. As you follow on Kriptokoin.com, the altcoin project shared an encrypted social media message. In this context, “Get ready for a change that excites us all. Be on your guard.” shared as. This left many people wondering and speculating.
Alongside this announcement, Santiment highlights that XLM is a consistently short-sold asset by the crowd. Therefore, continued liquidations could offer a growth catalyst, pushing up the price of the asset. This move adds another layer to the market’s growing interest in Stellar and its upcoming announcement. The altcoin has risen impressively today. It saw a notable 10% increase on the day. With a total market capitalization of $3.4 billion, Stellar ranks 20th in the cryptocurrency hierarchy.
Santiment: These developments are likely to raise the price of XLM
In the highly dynamic world of cryptocurrencies, XLM currently ranks third in terms of total earnings over the last 24 hours. It lags behind Rocket Pool (RPL) with a notable 15% increase and Synthetix (SNX) with a significant 13% gain. XLM’s recent rise is drawing attention among market watchers and analysts. Notably, this digital asset has consistently faced bearish bias and short selling pressure from the crypto community.
However, there are indications that liquidations in the market may be contributing to the rise in the price of XLM. In this context, Santiment said, “Stellar is a remarkable altcoin that shows mini-breakout potential. XLM is constantly being shorted by the crowd. Thus, it is possible for liquidations to raise the price.” Santiment also recommends that other cryptocurrencies such as TON (TON), Monero (XMR), and ARBITRUM (ARB) be followed carefully. He predicts that these altcoin projects will likely exhibit a similar exit potential in the near future.
XLM is gaining momentum. Source: SantimentAltcoin price analysis
Crypto analyst Jordan Major reviews the technical picture of XLM. Stellar’s recent performance shows that it may be on the verge of a significant breakout. Currently, XLM is hovering between a $0.11309 support level and a $0.12926 resistance level. The $0.11309 support level acts as a critical threshold for XLM. Traders watching the $0.11309 support level closely will watch for signs that the altcoin price has bounced off this level.
If XLM successfully holds above this support, it could signal a potential uptrend or a consolidation phase. However, if XLM breaks past this support level, it could face additional selling pressure. It’s also likely to potentially lead to further declines. Conversely, the $0.12926 resistance level is a key price point that has historically acted as a barrier to XLM’s upward price action.
Breaking the $0.12926 resistance level will be a significant achievement for XLM. This is likely to signal an uptrend in the market. It is also possible that it could potentially pave the way for further appreciation of prices. However, it will likely be difficult for him to break through the resistance levels. Because this usually requires significant buying volume and positive market sentiment.
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