The current price of XLM cryptocurrency is $0.249, reflecting a 7% decrease today. Let's examine the reasons for these changes and possible prospects.
Current Price and Market Dynamics
At present, XLM is trading at $0.249, indicating a 7% decline within the day. This downturn has been exacerbated by a bearish trend that has been ongoing since early June. Since mid-May, the XLM price has dropped over 25%, while it hovered near the upper boundary of a falling wedge pattern. Recently, the cryptocurrency lost its crucial support level at $0.26, and bearish sentiment has intensified amid ongoing geopolitical tensions.
Positive Changes in Public Sentiment
Recent data indicate a shift in sentiment surrounding XLM. The number of negative messages has significantly decreased, while positive discussions have increased, indicating a bullish sentiment. Analytical data collected from Santiment shows that the total weighted sentiment for XLM has risen from -0.775 to +0.192 this week. For instance, on June 17th, positive sentiment reached 11.31, significantly outpacing the negative sentiment of 0.81. This suggests a notable increase in positive conversations.
Prospects for XLM Price Recovery
According to the XLM liquidity heatmap, the current price is positioned near the lower end of liquidity. A further downward breach could trigger a long squeeze, potentially driving the XLM price to significant lows. However, there are signs that geopolitical tensions may ease soon. If the markets receive positive signals, XLM may find support and begin to rise from the liquidity cluster around $0.25, providing the necessary momentum for recovery.
In conclusion, despite the current price decline, there are positive changes in public sentiment and potential macroeconomic factors that may support XLM's recovery.
