- Ripple vs. SEC case outcome leads to surge in cryptocurrency market.
- Stellar (XLM) experiences 11.63% decline in price within 24 hours.
- XLM’s trading volume decreases by over 64% in the past day.
After the favorable outcome of the Ripple vs. SEC case, which determined that Ripple (XRP) is not classified as a security, numerous cryptocurrencies experienced a surge in their market value. Nevertheless, as the weekend approaches, a significant portion of the crypto market is again witnessing a decline, which is also evident in the case of Stellar (XLM).
According to CoinMarketCap, XLM was being traded at $0.1342 at the time of reporting, reflecting an 11.63% decline in price within the last 24 hours. This brought the cryptocurrency’s trading value closer to its daily low of $0.1277 than its 24-hour high of $0.1529.
In addition, XLM experienced a significant decline of over 64% in its 24-hour trading volume over the past day. Consequently, the altcoin’s trading volume settled at approximately $419,725,228. Despite the recent decrease in XLM’s price, its weekly performance remained positive, showing a growth of +38.16%.
In the last 24 hours, the price of XLM has dropped below the significant support level of $0.1411 and has remained below this level at the current moment. Nevertheless, a bullish hammer candlestick pattern is emerging on the altcoin’s 4-hour chart. If this pattern is validated by completing the most recent 4-hour candle, it will indicate that XLM’s price has reached a bottom.
If this candlestick pattern is validated, XLM’s price could surpass the mentioned level of $0.1411 within the next 4-8 hours. Should XLM successfully challenge this price point, it would pave the way for a potential rise to $0.1551 within 24 hours.
However, if the most recent 4-hour candlestick fails to exhibit a hammer pattern, XLM could risk breaching the support level at $0.1285 within the next 8-12 hours. Under such circumstances, sustained selling pressure may even result in a decline of the crypto currency’s price to $0.1114 within the subsequent 24-hour period.
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.
