The alarm bells are ringing for XLM, which has increased 6 times in three weeks.

Stellar (XLM) has attracted attention by rising over 600% in the last three weeks.

The resignation of SEC Chairman Gary Gensler on January 20th has triggered a bull run in XRP. XRP, which has risen to $1.6, has also paved the way for many altcoins.

XLM, known as the rival of XRP, made a striking rally in November, also influenced by positive market conditions. XLM has gained 6 times its value in the last three weeks.

AMBCrypto predicts that XLM may face a potential correction. The chart analysis highlights two important support levels.

Stellar (XLM) chart analysis

According to AMBCrypto’s analysis, XLM price is giving a bearish signal.

AMBCrypto, which says “XLM may be entering a retracement phase”, stated that the altcoin with a market value of 15 billion is facing pressure from long liquidations. According to the analysis, a cluster of liquidations formed in the range of $0.46 to $0.473.

Analysis predicts that long liquidations need to be cleared and XLM price could drop to $0.46. If there is no buying pressure at these levels, the price is expected to fall to $0.363.

According to the chart analysis, there may be potential support levels at $0.4283 and $0.363. These areas have been marked as regions that XLM needs to hold in order to maintain its upward trend.

If XLM continues to rise, it will test $0.766. If this resistance is overcome, the price could reach $0.8756, the all-time high. The Fibonacci indicator identifies the $0.766 region and the $0.975 level as the next upward targets.

This article does not contain investment advice or recommendation. Every investment and trading transaction involves risk, and readers should conduct their own research when making decisions.