XLM Rebounds: Is $0.16 Support the Key to Breakout Potential?

Stellar (XLM) is experiencing a rebound after a recent liquidation sell-off brought the asset back down to its key support level around $0.16. This move aligns with major moving averages and the midpoint of the channel on the long-term chart, prompting questions about whether this could mark a crucial turning point for XLM. Analysis suggests a potential breakout if the $0.16 area holds strong. Long liquidations dominated recent activity, suggesting that traders were overleveraged in their bullish bets. However, only time will tell if this represents a genuine support level or another temporary dip.