Stellar’s XLM is catching the market’s attention after a dramatic price surge and a bullish technical breakout that has analysts […]
The post This Altcoin Is Outpacing the Market With a Bullish Breakout appeared first on Coindoo.
Stellar’s XLM is catching the market’s attention after a dramatic price surge and a bullish technical breakout that has analysts eyeing higher targets.
The token has climbed nearly 60% in the past week and currently trades around $0.47, outperforming top altcoins like Ethereum, Solana, and XRP.
Veteran trader Peter Brandt flagged XLM’s chart as the most promising among major tokens, citing an inverse head-and-shoulders pattern on the monthly chart. According to Brandt, a breakout above $1 remains crucial, with $1 acting as a multi-year resistance level that’s repeatedly rejected previous rallies.
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Echoing this outlook, analyst Solberg Invest highlighted XLM’s short-term momentum after it broke above $0.43, a key technical barrier. Solberg’s target sits at $0.60, suggesting continued strength if momentum holds.
Traders seem to agree. Data from Coinalyze shows a 3.4% jump in open interest over the past 24 hours, pushing total perpetual contracts to $270.9 million. Positive funding rates across exchanges indicate that bullish leverage is building — a sign that market sentiment remains firmly optimistic.
However, rapid gains and crowded long positions also raise the risk of short-term corrections. Recent price action includes signs of a short squeeze, which could lead to volatility if sentiment flips. While XLM’s technical setup is strong, the market remains sensitive to shifts in trader positioning.
The post This Altcoin Is Outpacing the Market With a Bullish Breakout appeared first on Coindoo.
Source: https://coindoo.com/this-altcoin-is-outpacing-the-market-with-a-bullish-breakout/
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