Stellar’s XLM was trading near $0.193 on Tuesday after recovering above a cluster of key moving averages, while derivatives data pointed to growing bullish positioning among traders.
Data from CoinGlass showed XLM’s long-to-short ratio at 1.15, close to its highest level in a month. A reading above 1 indicates that long positions outnumber short positions, suggesting that more derivatives traders are positioning for a potential rise in the token’s price.
Funding rates have also turned positive. XLM’s funding rate moved into positive territory on September 2 and later reached 0.0147%. This means traders holding long positions are paying those on the short side to help maintain market balance. Positive funding generally reflects bullish sentiment, although an excessively high rate can increase liquidation risks if prices reverse.
Moving-average support remains intact
XLM’s 50-day, 100-day and 200-day exponential moving averages are grouped between approximately $0.179 and $0.188. The area could provide support during short-term pullbacks and remains important to the token’s broader recovery structure.
Momentum indicators are also moderately constructive. XLM’s relative strength index is close to 60, which keeps it in bullish territory without indicating overbought conditions. The MACD remains mildly positive, with its main line above the signal line and the histogram above zero. However, the indicators do not yet confirm a decisive breakout.
$0.20 is the next major test
The first significant resistance is near $0.200, corresponding with the 61.8% Fibonacci retracement level. A sustained move above that barrier could put the 50% retracement near $0.218 into focus, followed by resistance around $0.237 at the 38.2% retracement level.
If XLM clears those levels, the token could next challenge the descending trendline and the 23.6% Fibonacci retracement near $0.260.
On the downside, the 200-day EMA near $0.188 is the first support level to watch. Further support is located around $0.180 and $0.179, where the 100-day and 50-day EMAs are positioned. A break below that moving-average zone could expose horizontal support near $0.177 and the 78.6% Fibonacci retracement around $0.173.
A deeper breakdown would bring the $0.142 and $0.139 areas into view. For now, the combination of firm technical support and increasingly positive derivatives positioning favors a continued recovery, provided XLM can establish a sustained move above $0.20.
