In the event of uncertainty in this market, XLM, the original symbol of stars, looks down and prepares for a significant decrease in prices. This landfill is more supported by merchants inside the day, who seem to be betting heavily on short situations, as mentioned by the Coinglass series.
Strong traders bets on short sites
Today, February 6, 2024, Chain The XLM exchange map has revealed that traders who occupy long jobs have exhausted and exhausted at the present time at a level of $ 0.3057, with long positions worth $ 2.26 million. Meanwhile, traders who hold short positions dominate, as they are excessive to get $ 0.355, with short positions worth $ 5.25 million at this level.
However, these millions of dollars will be liquidated from the centers if market morale and price movements in either direction will be shifted. This data on the series clearly shows that there is no strength on the side of the bull, and that the bears are the ones that lead XLM.
The possible reason for this negative perception is the declining measure of the current prices and economic tensions between the United States, Mexico, Canada and China.
Technical analysis xlm and the next level
According to expert technical analysis, XLM formed an inverted pattern in an inverted cup and handle on the daily time frame, which is about to collapse support or neckline.
Based on the last procedure of the price, if XLM fails to keep this level or violate the neckline and close a daily candle less than a level of $ 0.32, there is a strong possibility that can decrease by 40 % to reach a level of $ 0.20 in the future.
Despite this basic landing procedure, the origin is still trading over the Si -moving average (EMA) on the daily time frame, indicating that XLM is in a bullish direction.
Current price momentum
XLM is currently trading near $ 0.33 and has witnessed a decrease in prices to more than 7.50 % over the past 24 hours. However, during the same period, the trading volume decreased by 30 %, indicating a decrease in more prices.
