Altcoins News
By Evie Vavasseur
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The cryptocurrency market has seen its fair share of ups and downs in recent weeks, and Stellar (XLM) is currently facing significant pressure.
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Over the past seven days, Stellar has dropped by more than 11%, slipping from a recent high of $0.334 to around $0.279 at the time of writing. This decline includes a 4.
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Crypto analyst Ali Martinez has weighed in on the situation, pointing out that the $0.27 price mark is now a critical support level.
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The concern isn’t just about short-term price action. Several on-chain metrics are also suggesting that investor confidence is weakening.
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Moreover, funding rates have slipped into negative territory again. A negative funding rate usually means that more traders are betting on the asset’s price falling rather than…
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Another telling sign is the movement in the Relative Strength Index, or RSI. This indicator, which measures the momentum of price movements, has been falling steadily.
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Adding to the gloomy outlook is the fact that over 82 million XLM tokens have been sold in just the past 24 hours.
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In the short term, Stellar could find temporary support at $0.263. If that level fails, the next stop might be $0.252. While a drop to $0.
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Ultimately, the coming days will be crucial for Stellar. With so many bearish indicators in play, holding the $0.
The Currency Analytics
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