Stellar Price Analysis: XLM Under Pressure as Bears Defend $0.23 Resistance

Stellar (XLM) continues to struggle to generate consistent demand in the crypto market. Despite being a well-known blockchain used for low-fee and fast cross-border payments, it appears that most investors are still taking a defensive stance on XLM in the short term. At press time, the coin is trading at $0.2137  with a decrease of 0.14% over the past 24 hours.

Price Action and RSI Confirm Bearish Trend

The TradingView chart shows that XLM has recently trading at approximately $0.213 USD. The price continues to be below both the 50-day and 200-day moving averages. Furthermore, this price action is creating a bearish structure.

Specifically, at $0.236, the former support level of XLM has now turned into the new resistance level and is impeding higher prices from being attained. In addition, the RSI (14) value is also remaining below the neutral 50 level. Therefore, both price action and RSI are confirming that there is little to no bullish momentum or conviction within XLM.

Also Read: Stellar Blockchain Drives Real Estate Accessibility, XLM Eyes Key $0.246-$0.265 Levels

MACD Stays Bearish as Volume Remains Subdued

The TradingView chart shows that the Volume continues to be relatively low, indicating a lack of buying on dips at this price level. The MACD is currently below the signal line and is decreasing.

It has a range of fluctuating near zero, indicating a slowing down, but without volume backing. Without a volume-supported move, the upside there is a continued risk of further declines.

Analyst Outlook Highlights Downside Risk

As based on the recent update on X by the crypto Analyst Ali Charts, Stellar has fallen below a critical support level recently, and there may not be much in the way of support until approximately $0.102. This illustrates how susceptible XLM may be to an increase in selling volume.

In conclusion, based on the various technical indicators and analyst recommendations, currently XLM remains very weak and is trading just above $0.210. Unless it can regain several of these critical resistance levels, Stellar is likely to stay under pressure with more downside potential than upside recovery opportunity in the near term.

Also Read: XLM Consolidates for Upside as Marshall Islands Uses Stellar for On-Chain UBI