Stellar (XLM) is currently trading within a falling channel pattern, suggesting a deeper correction may be imminent. The 200-period Exponential Moving Average (EMA) is being tested at a price of 0.3884 USD, with analysts predicting an 11% decline could occur.
Market sentiment is turning bearish, reflected by a 9% drop in Open Interest in recent days, which now stands at 308.99 million USD. With more traders adopting short positions, the bearish outlook for XLM seems increasingly likely.
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