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Home»Altcoins»XLM sees a price drop, but bulls should see this as an opportunity
Altcoins

XLM sees a price drop, but bulls should see this as an opportunity

2023-09-21No Comments2 Mins Read
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Journalist

Posted: September 22, 2023

Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

  • Stellar Lumens has strong bearish sentiment and momentum in the lower time frames
  • A continued decline in Bitcoin prices would cause further panic in the crypto markets

Stellar lumens [XLM] fell from $0.12 to $0.1115 in 48 hours. At the same time, Bitcoin [BTC] also fell by 4% in value. However, both XLM and BTC are retesting a demand zone at the time of writing.


Read Stellar Lumens’ [XLM] Price forecast 2023-24


Stellar Lumens’ market structure and momentum have been bearish since late July, but the price chart has shown a range over the past two months. The losses over the past few hours took XLM to the bottom of this range. Can the Bulls defend it again?

The volume indicator shows a huge capital outflow from the XLM market

Stellar Lumens offers a good short-term buying opportunity after the recent dip

Source: XLM/USDT on TradingView

The aforementioned range extended from $0.111 to $0.1334. Stellar Lumens has been trading within this range since August 20. The four-hour chart showed that the market structure was firmly bearish and the Relative Strength Index (RSI) reflected intense bearish momentum with a reading of 25.

The Chaikin Money Flow (CMF) also fell lower and the reading of -0.3 meant significant amounts of money left the market, underscoring the selling pressure. The high trading volume in recent hours was another sign that bearish sentiment was overwhelming.

Still, the $0.111 level is a month-long support for XLM. It represented a good low-risk, high-reward buying opportunity as a rebound from this level would likely hit the high range at $0.133, representing a gain of almost 20%.

See also  Why Staying Above $1,600 Is A Bullish Indicator For Ethereum: Here’s The Next Resistance For ETH Price

The increase in spot purchases was a surprise

Stellar Lumens offers a good short-term buying opportunity after the recent dip

Source: Coinalyse

CMF, the volume indicator on the price chart, noted high selling pressure in the past few hours. Yet Coinalyze data contradicted this and showed high buying volume on the spot market. This was evident from the large peak in the spot CVD.


How much is 1, 10 or 100 XLM worth today?


However, the Open Interest (OI) showed that market sentiment was strongly bearish as the OI climbed higher alongside falling prices. It indicated that short sellers were dominating the market and if the trend continues, XLM bulls might not be able to defend the $0.11 support.

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Bulls Drop opportunity Price Sees XLM
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