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Stellar Faces Risk of 30% Price Dip: What’s Driving XLM’s Potential Dip?
XLM faces a potential 30% price dip due to weakening support and selling pressure.
Significant inflows to exchanges signal potential selling, contributing to XLM’s bearish outlook.
Falling open interest and liquidation risks show traders’ reluctance, adding to the price decline.
Stellar Lumens—XLM, faces serious pressure in a bearish market. After a significant sell-off, the altcoin shows signs of further decline. A critical support level is weakening, raising concerns. If XLM fails to hold this level, analysts predict a potential 30% price drop. Let’s take a closer look at the technical indicators and market factors behind this potential dip.
https://twitter.com/GeckoKona/status/1872426643429691561 Technical Indicators and Key Levels to Watch
XLM has formed a descending triangle pattern on the daily chart. This suggests a possible breach of support. The $0.334 level has been tested three times in the past month. With each test, the support seems to weaken. If XLM closes below the $0.325 level, a 30% drop could follow. A move down to $0.225 may occur if the selling pressure continues.
Bearish Market Sentiment and On-Chain Metrics
On-chain data from Coinglass paints a bearish picture for XLM. The token has seen a large inflow of $3.9 million into exchanges. This typically signals that long-term holders are preparing to sell. When assets move to exchanges, traders often expect a price decline.
Additionally, XLM’s open interest dropped 4.5% in just 24 hours. This shows traders are reluctant to open new positions amid market fear. Traders with long positions at $0.342 are at risk of liquidation if prices dip further. Short sellers have built significant positions around $0.373, betting the price will not rise past this point.
XLM shows clear signs of a potential price decline. The token faces weak support, growing selling pressure, and bearish market sentiment. If XLM falls below $0.325, a 30% drop could follow. Watch the $0.325 and $0.342 levels closely, as these could trigger a significant move in price.
The post Stellar Faces Risk of 30% Price Dip: What’s Driving XLM’s Potential Dip? appeared first on Crypto News Land.
Significant inflows to exchanges signal potential selling, contributing to XLM’s bearish outlook.
Falling open interest and liquidation risks show traders’ reluctance, adding to the price decline.
Stellar Lumens—XLM, faces serious pressure in a bearish market. After a significant sell-off, the altcoin shows signs of further decline. A critical support level is weakening, raising concerns. If XLM fails to hold this level, analysts predict a potential 30% price drop. Let’s take a closer look at the technical indicators and market factors behind this potential dip.
https://twitter.com/GeckoKona/status/1872426643429691561 Technical Indicators and Key Levels to Watch
XLM has formed a descending triangle pattern on the daily chart. This suggests a possible breach of support. The $0.334 level has been tested three times in the past month. With each test, the support seems to weaken. If XLM closes below the $0.325 level, a 30% drop could follow. A move down to $0.225 may occur if the selling pressure continues.
Bearish Market Sentiment and On-Chain Metrics
On-chain data from Coinglass paints a bearish picture for XLM. The token has seen a large inflow of $3.9 million into exchanges. This typically signals that long-term holders are preparing to sell. When assets move to exchanges, traders often expect a price decline.
Additionally, XLM’s open interest dropped 4.5% in just 24 hours. This shows traders are reluctant to open new positions amid market fear. Traders with long positions at $0.342 are at risk of liquidation if prices dip further. Short sellers have built significant positions around $0.373, betting the price will not rise past this point.
XLM shows clear signs of a potential price decline. The token faces weak support, growing selling pressure, and bearish market sentiment. If XLM falls below $0.325, a 30% drop could follow. Watch the $0.325 and $0.342 levels closely, as these could trigger a significant move in price.
The post Stellar Faces Risk of 30% Price Dip: What’s Driving XLM’s Potential Dip? appeared first on Crypto News Land.
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