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XRP Rival XLM Price Could Be on Verge of Biggest Crash Since 2021 If Bollinger Bands Pattern Is Validated
Stellar’s token, XLM, has already seen a significant drop this year, losing nearly 48% in just one week. The cryptocurrency’s price reached a high at $0.797 before plummeting to its current value of $0.386. This drastic decline is reminiscent of the market conditions we saw in 2021, where similar events unfolded.
It seems that XLM’s price may be on the verge of another significant crash, potentially one of the biggest since 2021. The cryptocurrency’s recent price action has formed a classic bearish Bollinger Bands pattern, which could indicate that further losses are imminent.
In December 2021, the cryptocurrency market witnessed a massive correction in both XRP and XLM, with the latter dropping by approximately 60% over the course of three months. If history is any guide, it seems that we may be heading towards a similar event once again.
The recent price action of XLM has created a bearish Bollinger Bands pattern, indicating a potential further decline in its value. This could lead to another significant crash, mirroring what happened in 2021.
In an interview with U.Today, financial analyst Gamza Khanzadaev emphasized that historical experience does not dictate the future and that XLM’s price performance will ultimately rely on broader market tendencies.
However, as of now, it seems that the cryptocurrency is indeed vulnerable to another steep decline.
Source: u.today
