The price of Stellar (XLM) has shown a decline, leaving investors waiting for further market movements. This article examines current trends and predictions.
Current Market Situation of Stellar (XLM)
Today, most cryptocurrencies have returned to the red zone, with Stellar (XLM) experiencing a nearly 2% drop over the day.
Chart Analysis and Key Levels
On the hourly chart, the price of XLM is in the middle of a local channel, between the support at $0.2331 and the resistance at $0.2362. Given the lack of initiative from both sides, sharp moves are not expected in the near future.
Long-Term Predictions and Possible Scenarios
On a longer time frame, attention should be paid to the daily candle closure below $0.2337, which could lead to a continuation of the decline to the $0.250-$0.23 range by the end of the week. From a midterm perspective, the market appears more bearish, and a level breakout followed by a test of the $0.20 mark may occur.
The current price of Stellar (XLM) shows a lack of clear initiative, which may lead to further corrective movements. It is important for investors to monitor the nearby support and resistance levels.
