In the last 24 hours, Stellar XLM lost 8% of its value, dropping to $0.276. It faces strong resistance at the $0.55 mark, unbroken since 2018.
XLM Confronts Key Price Hurdle
Since 2018, Stellar XLM has maintained its historical resistance at $0.55, a major factor in price movement over the last seven years. Since late January, the crypto asset slid from $0.351 at the 50-day moving average to its current range between the 50-day and 200-day averages.
Crypto Market Extends Sell-Off
Bitcoin dropped below $86,000, continuing the broader market trend of falling prices. Over the last two days, Bitcoin's value declined, with an additional 3.38% decrease on Saturday. Ethereum's price declined by 2.95%, and XRP, like Stellar, also saw an 8% drop.
Derivatives Market Sees Heavy Liquidations
The derivatives market faced heavy losses amid volatility. CoinGlass data show $493 million worth of positions were liquidated in this period. Long positions bore the majority of losses, amounting to $317 million, while short positions lost $154 million.
XLM's continued price pressure and inability to break past seven-year resistance barriers will define its market trajectory amid changing conditions.
