Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- XLM broke the trend of recent losses with a 6.5% pump over the past day.
- Positive funding rates hinted at dominance of long traders.
Stellar Lumens [XLM] took advantage of the bullish price action in the market to register a 6.5% jump. Bitcoin’s [BTC] foray above the $29.5k resistance flipped the market green and XLM buyers rode the king coin’s bullish wave.
Read Stellar Lumens’ [XLM] Price Prediction 2023-24
A price report by AMBCrypto on 13 October highlighted the possibility of more bearish gains after sellers breached the $0.11 support level. However, the upturn in market conditions allowed bulls to rally, although the $0.11 hurdle could stand in the way of additional gains.
Bullish market conditions presented an opportunity for bulls to reverse recent losses
Prior to the pump over the past day, XLM maintained a significant bearish downtrend since late July. Despite the bearish downtrend, the $0.11 support was a tough level for sellers to crack until 6 October.
Nevertheless, buyers remained active in the market and produced a bullish move between 12 October and 16 October which was rejected at the new $0.11 resistance. With bulls preparing another attempt to recover the $0.11 level, it could be a different outcome this time.
The Relative Strength Index jumped from 35 to 58, as the buying pressure ramped up significantly. Similarly, the Chaikin Money
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Author: Emmanuel Musa
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