Stellar (XLM) at a Critical Level, Will Price Soar or Crash?
Amid market uncertainty, Ripple competitor Stellar (XLM) has reached a critical level of success or failure, leaving investors and traders uncertain. XLM tokens have been unfavorable in the past few days, with prices down 38%. However, recent earnings over the past two days seem to be changing market sentiment.
Stellar (XLM) technical analysis and price forecast
During a continuous price decline, XLM appears to face consistency in the downward trend line. However, the price is now on the verge of breaking through.
According to expert technical analysis, this level is crucial for XLM to determine whether it will be a gathering or an explosion in the next few days. Based on recent price action and historical momentum, if XLM violates this downward trendline resistance and closes the candle for a day or four hours, above the $0.35 level, then there is a great possibility in the future It reaches 22%, and is about to reach $0.43 in the future.
On the other hand, if the asset fails to violate this level, it is very likely that it will fall to 10% to reach the $0.30 level. Despite this forecast, XLM is currently trading on 200 exponential moving averages (EMAs) in the daily time frame, which strengthens its uptrend.
Current price motivation
At press time, XLM was trading close to $0.346, soaring more than 3.50% in the past 24 hours. However, traders and investors’ participation declined during the same period, resulting in a 4% drop in trading volumes.
$4 million worth of XLM outflow
Judging from the current price action, investors have been dumping XLM tokens, as Chain Analytics reports Small shop. Data from spot inflows/outflows suggests that the exchange has witnessed the outflow of XLM tokens worth $4 million in the past 48 hours.
However, XLM’s open interest appears to be increasing, up 9% over the past 24 hours, indicating that traders’ interest in assets has been growing and new positions have been formed in the past 24 hours.
