$XLM /USDT Will the Bears Tighten Their Grip or Will Bulls Bounce Back?#XLM is currently trading at $0.3968, reflecting a sharp 8.51% drop in the last 24 hours. The price has hit a new low of $0.3960, with the RSI at 16 signaling oversold conditions. This steep decline suggests bearish dominance, but oversold levels may hint at a possible short-term rebound.
Immediate Levels to Watch
Support
$0.3960: Immediate support; losing this level may lead to further downside.
$0.3800: A critical support zone to monitor if the sell-off continues.
Resistance
$0.4100: Immediate resistance; breaking above this level may indicate recovery.
$0.4300: A stronger resistance zone to confirm a bullish reversal.
Suggested Strategy
For Long Positions
Entry: Near $0.3960 with a stop-loss at $0.3850.
Targets: $0.4100 and $0.4300.
For Short Positions
Entry: Below $0.3960 targeting $0.3800, with a stop-loss at $0.4000.
Market Insights
XLM is currently under heavy selling pressure, with its oversold RSI suggesting a possible relief bounce. Traders should monitor key support and resistance levels for signs of stabilization or further declines. Volume surges could indicate potential reversals or breakdowns.