XLM, the native token of Stellar, is gaining significant attention from crypto enthusiasts due to its impressive upside momentum

XLM, the native token of Stellar, is gaining significant attention from crypto enthusiasts due to its impressive upside momentum amid bearish sentiment.

Crypto enthusiasts are showing major interest in XLM, the native token of Stellar. Notably, on March 14, 24-hour price gains for XLM exceeded 5%, whereas Bitcoin (BTC) and Ethereum (ETH) saw price declines of 3.5% and 2%, respectively.

Stellar Lumens (XLM) Price Analysis: Technical Analysis

As the asset continues to rise despite market trends, one crypto expert posted on X (formerly Twitter) that XLM is forming a bull flag and pole price action pattern, with the price currently trading close to the lower boundary of the flag.

According to the expert’s analysis, XLM appears bullish as it has recently found crucial support at the $0.236 level and has begun gaining upside momentum. Additionally, the asset is forming a bull flag and pole price action pattern.

However, before breaking out of this pattern, if XLM holds above the $0.236 level, it could initially surge by 18% to reach $0.33 in the near future.

However, if the upside rally continues and the price closes a daily candle above the $0.35 level, there is a strong possibility of a 65% surge to reach the $0.605 level in the coming days. At press time, the asset is facing resistance from the 200 Exponential Moving Average (EMA) on the daily timeframe.

At the moment, XLM is trading at $0.26, showing an increase of 5.18% in the past 24 hours. Despite the recent rally, it still faces a 74% decline compared to its all-time high (ATH) of $0.99, which was reached in January 2018.

Major Liquidation Levels

With the current market trends, traders are heavily leveraged at $0.26 on the lower side, holding $3.02 million worth of long positions. Whereas, $0.285 is another over-leveraged level, with traders having built $2.65 million worth of long positions.

This data indicates that bulls betting on the long side remain optimistic and could be supporting the asset’s rally.