Stellar (XLM) at Make-or-Break Level, 30% Crash Incoming?
The post Stellar (XLM) at Make-or-Break Level, 30% Crash Incoming? appeared on BitcoinEthereumNews.com.
XLM, the native token of Stellar and an XRP rival, is poised for a massive price decline as it has formed a bearish price pattern on the four-hour timeframe. The asset is holding above a crucial level, but due to bearish market sentiment and continuous price drops, it has reached a critical make-or-break level. XLM Technical Analysis and Upcoming Level According to expert technical analysis, XLM has formed a bearish head and shoulders pattern and is on the verge of a breakout as it currently sits at the neckline. Based on recent price momentum and historical patterns, if the asset breaches this level and closes a four-hour candle below $0.265, there is a strong possibility it could drop by 30% to reach $0.19 in the coming days. Source: Trading View Amid the ongoing bearish market sentiment and continuous price decline, the asset has already traded below the 200 Exponential Moving Average (EMA) on both the daily and four-hour timeframes. This indicates a downtrend in both the short term and long term. Currently Price Momentum XLM is currently trading near $0.275 and has experienced a price drop of over 4.5% in the past 24 hours. During the same period, due to the market’s unexpected move, its trading volume dropped by 35%, indicating lower participation from traders and investors compared to previous days. Traders Over-Leveraged Positions At press time, traders are over-leveraged at $0.27 on the lower level and $0.285 on the upper level, as reported by the on-chain analytics firm Coinglass. Source: Coinglass Data further reveals that traders have built $500K worth of long positions at the lower level and $2 million worth of positions at the upper level, indicating that bears are currently dominating. This suggests a strong possibility that the asset could decline in the short term. Source: https://coinpedia.org/price-analysis/stellar-xlm-at-make-or-break-level-30-crash-incoming/
Filed under: News - @ March 8, 2025 11:21 pm