Stellar (XLM) Faces Potential Bearish Trend Amid Imminent Death Cross and Market Correction
Main Idea
Stellar (XLM) is facing a potential bearish trend due to an imminent death cross, declining trading volume, and broader market corrections, despite previous gains from network updates.
Key Points
1. A death cross is expected for Stellar (XLM) as the 9-day moving average crosses below the 26-day moving average, signaling weakening price momentum.
2. Stellar's trading volume has dropped by 12.43%, now at approximately $845.92 million, indicating reduced investor confidence.
3. Stellar previously outperformed XRP by up to 5% in July due to the release of Stellar Core v23.0.0rc2, but has since fallen 6.45% in 24 hours compared to XRP's 3.47% decline.
4. Key support levels for XLM are around $0.4600 and $0.4500, which could offer potential entry points if the downtrend stabilizes.
5. The Relative Strength Index (RSI) for XLM is at 74.93, suggesting the asset is marginally overbought but losing upward market sentiment.
Description
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