Even though the cryptocurrency market saw a bullish start today, several coins have reversed their gains and entered the red zone, according to CoinStats data. Today’s analysis of Stellar (XLM) shows potential for continued downward movement.
**Recent Price Movements:**
– XLM has experienced a 2.38% decline over the last 24 hours.
– On an hourly chart, the price broke below the support level of $0.4395 and is showing signs of further declines towards the $0.40 zone if no rebound occurs.
– The daily time frame shows XLM within a wide channel, hovering between the support of $0.3620 and the resistance of $0.5166. There’s little indication of increased volatility soon as neither side is dominating.
**Midterm Outlook:**
– In the mid-term, the price continues to remain within a previous bar, indicating no clear buying or selling pressure. Sideways trading in the $0.41-$0.46 range appears most likely.
**Current Price:** As of press time, XLM trades at $0.4259.
**Source:** Read the original article on UToday.