Stellar (XLM) Price Analysis: August 16 Forecast

Market fluctuations have begun the week, as per CoinMarketCap data showing a slight decline in Stellar’s price. 📉 1.19% drop has been observed in the past 24 hours for XLM/USD. An hourly chart analysis shows an unsuccessful breakout of the local support level at $0.4235. A potential rebound is expected, but if that fails, the price could dip further to the $0.42 range tomorrow. 📉 ⏳ The broader time frame reveals a sideways trend with low trading volume, indicating neither bulls nor bears are confident enough to drive the market. This suggests continued movement within a narrow range of $0.42-$0.44 is more likely. The long-term outlook remains relatively stagnant as well. XLM’s price hasn’t reached key levels that would indicate buying or selling pressure. If the pattern doesn’t change by week’s end, increased volatility over the next few days seems unlikely. As of press time, XLM trades at $0.4266. 📈