Stellar (XLM) has experienced a market shakeout, with the price jumping by over 10% in the last hour, triggering a massive wave of liquidation. The development saw a staggering 6,253% liquidations as short position traders recorded higher losses.
XLM liquidation results in short-position losses
According to CoinGlass data, within the last hour, traders betting short on Stellar had $160,090 wiped out as the price surged in the cryptocurrency space. The uptick in price occurred suddenly, as the broader crypto market also registered a slight upward movement.
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As of press time, Stellar’s price was trading at $0.2884, representing a 13.98% increase over the last 24 hours. The asset had peaked at $0.2881 in an earlier move, suggesting a sustained rally. The indices support this, given that volume is also soaring.
Currently, the activities of investors have pushed XLM’s volume up by 46.05% to $373.65 million. The asset is likely to experience a sustained breakout if the current bullish signals persist for an extended period.
Meanwhile, long position traders also had their fair share of losses as a result of the price movement. Within the same one-hour time frame, long position traders shed $2,560.
What’s fueling Stellar’s breakout?
The current bullish movement in XLM may be a result of the release of Stellar Core v23.0.0rc2.
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This substantive release is designed to introduce a new Core Advancement Proposal to the network. Although not fully live yet, it has triggered an 8% price increase. The XLM price is riding on this sentiment to shape its current price outlook.
Interestingly, before this price movement, Stellar had witnessed a delayed golden cross. As reported by U.Today, the delay suggested possible ongoing consolidation for XLM. The delay has paid off, given the significant climb in price.
Within this period, Stellar’s rival, XRP, has only managed a 3.88% price increase, suggesting a decoupling of the two cross-border payment assets.
Source: https://u.today/stellar-xlm-rockets-6253-in-liquidation-imbalance-in-one-hour