As a new week kicks off, the cryptocurrency market is already setting the stage for intriguing possibilities. One asset grabbing headlines today is Stellar’s XLM, which has witnessed an 8% rise. This sudden increase is noteworthy, given that XLM has been a frequent target for short sellers in the market. The rise indicates that the digital asset is poised for what could be described as a mini breakout. This rally could entice investors to reconsider their positions on Stellar’s potential.
Santiment, an on-chain crypto analytics platform, recently shared a Twitter post providing insights on the current market dynamics of XLM, TON, ARB, and XTR:
📊 As the new week has kicked off, #Stellar is the notable asset that is showing mini breakout potential, with a +8% rise today. $XLM is an asset that has been consistently #shorted by the crowd, and liquidations could pump up the price. Also, keep an eye on $TON, $XMR, and $ARB. pic.twitter.com/ju15ghk1ek
— Santiment (@santimentfeed) September 4, 2023
While the asset has seen considerable shorting pressure, this latest uptick might instigate a chain reaction of liquidations that could further drive the price. Short sellers might be compelled to exit their positions, adding buying pressure and potentially accelerating XLM’s gains.
Today’s most recent Stellar price analysis shows an uptrend in the charts, with a wide range of bullish signals and an overall bullish outlook. XLM is trading above $0.1200 at $0.1276, up 4.33% in the past 24 hours. In the past few days, bulls have been in control over the price, and now they are ready to take it higher.
Looking at the market capitalization and trading volume of Stellar, the XLM bulls have managed to increase its market capitalization to $3.37 billion with an average 24-hour trading volume of $167 million. This shows that the XLM price is gaining popularity in the crypto markets. The buying pressure is high, and this could be an excellent opportunity for investors to enter the market and capitalize on the bullish sentiment.
The resistance level for XLM is at $0.126, If the bulls continue to push the price higher, the next target could be $0.130 and even higher in the coming days. However, if bears enter the market and push the price lower than $0.1100, then the support level for the XLM price could be at $0.1050 and even lower.
While Stellar’s XLM continues to make headlines, other digital assets are worth investor attention. TON, XRM, and ARB are also on the move, each carving their niche in the cryptocurrency market. TON, showcasing its advanced blockchain scalability, stands at $1.90, plunging by 4.35% in one day. Meanwhile, ARB, valued at $0.897, is making significant inroads in decentralized finance (DeFi).
XRM, although priced modestly at $0.00055, is garnering interest, especially among those keen on privacy-centric coins. The diverse price points and unique attributes of these cryptocurrencies indicate that investors have multiple promising avenues to explore beyond just the dynamics of XLM.
In summary, the cryptocurrency landscape is rapidly evolving, with Stellar’s XLM making significant strides. While it’s capturing the spotlight with its impressive growth and potential breakout, it’s crucial for investors to also turn their gaze toward other promising digital assets like TON, XRM, and ARB.
