2023-10-12 18:20 |
Stellar (XLM) has exhibited a discernible downtrend recently, registering an 8% drop over the last week and a 22% decrease over the previous month. This decline is characterized by consecutive lower highs and lows, reinforcing the bearish trend. This negative trajectory reached a peak when XLM fell beneath the crucial $0.11 support mark last week, coinciding with its 200-day moving average.
According to altFINS, the bearish breakout from the sideways channel between $0.11-0.13, along with the drop below the $0.11 support and 200-day MA, confirms the downtrend. They note the downside risk is now towards the $0.10 support zone next.
Breakdown Below $0.11 Signals Sellers in ControlSource: altFINS – Start using it today
altFINS pointed out that prior to the breakdown, Stellar had been trading sideways between $0.11 and $0.13 for over a week. But the decisive drop below $0.11 shows sellers have regained control and sets the stage for a decline towards $0.10 support.
Looking at momentum indicators, altFINS notes the MACD and RSI are reflecting building downside momentum. The MACD line is below the signal line, while the RSI is below 45. This backs up the bearish bias.
Expecting the $0.1 Support to HoldHowever, some analysts believe Stellar’s sell-off may be approaching an end. Crypto trader Crypto Check sees the $0.10 level potentially holding as support and sparking a relief rally. This aligns with altFINS’ analysis pointing to $0.10 as the next key support zone.
If bulls can defend $0.10, we could see a bounce despite the overarching downtrend. The extremely oversold conditions make a short-term pop likely. But XLM will need to reclaim $0.11 to confirm any meaningful rebound.
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The post Analyst Calls Bottom on Stellar’s (XLM) Weeks-Long Sell-off, Identifies Price for Expected Rebound appeared first on CaptainAltcoin.
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