- Stellar is currently hovering around $0.24.
- XLM’s technicals hint at weakening bullish momentum.
The crypto market’s volatile nature has resulted in displaying both bear and bull signals alternative day. This back and forth flip makes it hard to predict the price action. With the Fear and Greed Index value holding at 29, fear sentiment is lingering across the assets, including Bitcoin (BTC) and Ethereum (ETH), trading on the downside.
Meanwhile, Stellar (XLM) has registered a 4.04% drop in value over the last 24 hours. In the morning hours, the asset traded at a high range of $0.2594. The bearish pressure in the XLM market triggered the price to plunge to a bottom level of $0.2397. Currently, Stellar traded at $0.2405, with the daily trading volume reaching $191.66 million.
Furthermore, an analyst chart shows that the TD Sequential indicator is flashing another buy signal for Stellar at the same price zone where it previously triggered one. The last time this signal appeared in this area, XLM rallied nearly 95%, suggesting that this setup might hint at a similar potential rebound, if market conditions align.
Is a Breakout Ahead, or Is More Bearish Pressure Coming for Stellar?
The current trading pattern of Stellar reveals the bearish pressure, and the price could move down to the key support at around $0.2397. With the downside correction strengthening, the asset might trigger the death cross to take place. Eventually, the bears drive down the price below $0.2389.
Upon a bullish reversal, the XLM price may immediately rise and find the resistance at the $0.2413 range. Assuming the correction on the upside continues, the asset could push for the emergence of the death cross. The bulls would initiate a steady price movement on the upside, above the $0.2421 mark.
Stellar’s Moving Average Convergence Divergence (MACD) line is found below the signal line, which indicates weakening bullish momentum. The buyers are losing strength, and the sellers may gain control. Also, this bearish signal may hint at continued downward movement.
Additionally, the Chaikin Money Flow (CMF) indicator of XLM is at -0.14, suggesting mild bearish pressure in the market. This negative value infers that the capital is flowing out of the asset. The current momentum is not extremely bearish, but it has weak demand and reduced accumulation.
Stellar’s daily Relative Strength Index (RSI) settled at 41.46, implying its neutral-to-slightly bearish sentiment, weakened momentum. The asset is not oversold, but the selling pressure is stronger than buying interest. Moreover, the Bull Bear Power (BBP) reading of XLM at -0.0025 is slightly negative, with the bears in control. As the value is near zero, the asset has a mild bearish sentiment in the market.
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Source: https://thenewscrypto.com/bearish-alert-for-stellar-will-the-bears-drag-xlm-into-deeper-fiery-red/
