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Stellar Lumens Price Prediction – XLM Bulls Seek Re-Entry At…
The Stellar Lumens (XLM) market has recently experienced a pullback, but bulls are looking to re-enter the market as the cryptocurrency approaches key support levels. According to an analysis of the liquidation heatmap and market structure, this could be an excellent buying opportunity.
XLM’s recent price action saw it surge by 45% in early January, followed by a correction that took the coin back down to around $0.32. This pullback has been met with interest from bulls who are looking for a re-entry point into the market. The article highlights two key levels of support at $0.30 and $0.36, both of which were previous lows in the XLM price action.
The weekly charts also highlight the importance of defending these levels to ensure that the current bearish trend is not prolonged. The author notes that a failure to hold onto these levels could embolden sellers and invalidate the bullish thesis.
On the other hand, should this re-entry prove successful, bulls are looking for an upside rebound towards $0.50. This move could be triggered by upside liquidity sweeps, which have been known to act as magnets for price action in the past.
In conclusion, XLM’s market structure and liquidation heatmap suggest that a great buying opportunity is at hand. However, should this re-entry fail, it would invalidate the bullish thesis and embolden sellers.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Source: ambcrypto.com
