Stellar’s price has dropped below 0.29 USD, driven by significant downward pressure and confirming a bearish trend with a potential decline to 0.26 USD due to the recent ‘death cross’. The daily price dip of 1.67% reflects broader weakness in the market.
Open Interest in derivatives fell by 6.6%, and trading volume decreased by 62.7%, settling at 97 million USD, revealing diminished market participation. Analysts highlight strong selling activity with 21.95 million tokens sold, reinforcing the bearish sentiment among traders.
To shift this trend, XLM needs to close above 0.29 USD. Without strong buying pressure, further losses could occur, with the next support level around 0.2653 USD. Investors are cautious as the market dynamics suggest ongoing challenges for XLM bulls.
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