XLM Bulls Eye $1.80 as Resistance Levels Fall

Stellar's XLM token has been displaying encouraging signs of upward momentum, with a potential breakout to $1.80 on the horizon. Technical indicators and price action suggest a bullish outlook for the altcoin, raising the question of whether XLM can overcome key resistance levels to reach this target.

At the time of writing, XLM was trading at $0.3574, following a 0.17% increase over the past 24 hours. The altcoin's price has been consolidating within the $0.35 and $0.37 range, demonstrating resilience as it holds firm above crucial support levels. XLM has been facing resistance at $0.37, with other critical levels at $0.44 and $0.50. If the price holds above $0.35 and breaks through these resistance levels, XLM could potentially target $1.80. The altcoin's price movement over the coming days will be crucial in determining whether the bullish flag formation leads to a breakout or not.

XLM's social volume and dominance have been declining, with social dominance dropping to 0.28%. This may indicate a reduction in investor attention towards the crypto, which could dampen short-term price movements. However, historical trends suggest that these metrics are often reactive to price changes. As XLM pushes higher and breaks resistance levels, social volume could increase, reigniting interest from the broader crypto community. Therefore, while the press time social metrics may be low, they are likely to shift if price action supports a breakout.

At press time, XLM's RSI sat at 47.76, indicating a neutral reading that hinted the coin was neither overbought nor oversold. However, a move above the 50-mark would suggest that buying momentum has been building up. Additionally, the MACD indicator crossed above the Signal line, hinting at a bullish shift in market sentiment. These technical indicators, together, confirmed that XLM may be in a position to potentially break higher.

Finally, the liquidation heatmap for XLM revealed a significant concentration of liquidations around the $0.36-level. This concentration suggested that XLM could face some resistance at this price level. However, it also implied that a breakout might trigger a wave of liquidations, pushing the price higher. Liquidation events often lead