According to the analysis of Stellar’s price (XLM), the market is currently under bearish momentum. The XLM market is experiencing a surge in selling pressure, leading to a decline in prices toward lower levels. The Stellar token is hovering near the channel bottom at $0.0914, losing 3.26% in the last 24 hours.
Over the past few days, the bulls have enjoyed a supportive market as XLM’s price surged to nearly $0.095, testing the resistance at $0.09536 with the help of eager buyers. Unfortunately, the bears have taken control today, causing XLM’s price to dip below the $0.095 threshold.
Should the current bearish trend persist, the XLM/USD will likely experience a more profound correction, potentially approaching the $0.08871 support level. Conversely, if the bulls can muster the strength to drive prices upwards and surpass the current resistance at $0.09536, we may witness a subsequent surge in value, potentially testing the next resistance at $0.10 levels once more.
The trading volume for XLM/USD has dropped, clocking in at $129 million over the past 24 hours. This decrease indicates a bearish sentiment in the market, causing investors to hesitate in their trading activities. The market capitalization for the XLM token has also experienced a decline, dropping to $2.47 billion, with a 3 percent decrease in the last 24 hours. As a result, XLM now holds the #28th position on Coinmarketcap.
The current technical indicators for the XLM/USD pair continue to signal a bearish trend, suggesting further downside momentum. While the Stochastic RSI indicator is currently in neutral territory at 57.82, a persistent bearish trend could push it towards oversold levels. Additionally, the MACD is currently in bearish mode and has crossed below the signal line, indicating a potential for further downward momentum. These indicators provide valuable insights for traders seeking to make informed market decisions.
According to the daily chart, the Bollinger bands suggest a bearish outlook as they have constricted, implying a potential phase of reduced volatility in the Stellar market. The upper Bollinger band, positioned at $0.0944, could pose a formidable resistance for the XLM/USD pair. Conversely, the lower band, currently at $0.07592, may serve as a support level if bearish momentum persists.
The prevailing bearish sentiment in the XLM market is gaining momentum, and a deeper correction may ensue if the bears maintain their grip on the market. The selling pressure will persist until a new support level is established. The crucial resistance and support levels of $0.09536 and $0.08871, respectively, will play a pivotal role in determining the future trajectory of XLM/USD.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
