Rough Seas Ahead for Stellar Holders? XLM Price Plunges Over 20% in 30 Days

XLM is facing a worrying downtrend for investors, with the price declining over 20% in the last 30 days. The coin is currently trading around $0.10 at the time of writing.

This sharp drop can be attributed to XLM breaking down from its Sideways Channel between $0.11 and $0.13. The break below the key support level of $0.11, which also corresponds to the 200-day moving average, has confirmed the downtrend.

Technical analysis shows that XLM had been trading in a neutral Sideways Channel, indicating market indecision. However, the bearish breakout points to sellers gaining control. Trend traders were waiting for a breakout in either direction before entering trades, while swing traders could trade the range.

Source: altFINS – Start using it today

The downtrend is evident on both the short- and medium-term timeframes, while the long-term outlook remains neutral currently, according to altFINS. Key momentum indicators like the MACD and RSI are also painting a bearish picture, with the MACD line crossing below the signal line and the RSI dropping below 45.

With the $0.11 support broken, XLM is at risk of dropping to the next key level of $0.10. The nearest resistance zone is at $0.13, followed by $0.19.

Overall, the technical outlook remains firmly bearish as long as XLM trades below the broken support and key moving averages. Conservative traders may want to wait for signs of a trend reversal before entering new long positions. Until then, the path of least resistance seems to be to the downside.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

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