The cryptocurrency market is experiencing a correction, and Stellar (XLM) is no exception. This article examines recent price changes, technical analysis, and the future outlook for the asset.
Current Market Situation of XLM
According to recent data, the price of Stellar (XLM) has decreased by 1.19% over the last day, indicating an overall market correction.
Price Technical Analysis
The hourly chart shows that the price of XLM has made a false breakout of the local support level at $0.4235. If the price does not bounce back, the decline may continue toward the $0.42 zone.
Outlook and Forecast
On longer time frames, XLM is within yesterday's candle range. Trading volume remains low, indicating a lack of strength from both buyers and sellers. Sideways trading in a narrow range of $0.42-$0.44 is forecasted.
The current analysis of market conditions for Stellar (XLM) indicates a need for careful observation of the asset amidst low volatility and the absence of clear signals for trend recovery.
