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Stellar (XLM) Faces Strong Resistance at $0.55 as Crypto Market Declines
The cryptocurrency market is experiencing a downturn, with many assets showing significant losses over the past 24 hours. Bitcoin has dropped below $86,000, while major altcoins such as ETH, XRP, SOL, DOGE, and ADA have all lost value between 4% to 10%. This sell-off has led to liquidations across various crypto assets, with a total of $493 million in long positions being wiped out.
Stellar (XLM), known for its stability and consistent growth, is also not immune to the market downturn. The asset has dropped 8% over the past day, now trading at $0.276. In this article, we will explore Stellar’s situation as it faces a strong resistance at $0.55.
Resistance at $0.55
Stellar (XLM) has faced a significant hurdle in the form of strong resistance at $0.55 for nearly seven years, limiting its upward momentum. This level was previously highlighted by crypto analyst Ali back in 2018, and unfortunately, the asset has been unable to break through this barrier.
The recent attempt by Stellar to breach the resistance in early December 2024 ended in failure, leading to a downward movement that saw the price drop to the lower boundary of its range. The current fluctuation between the 50-day SMA at $0.355 and the 200-day SMA at $0.26 will continue to play a significant role in determining the next trend direction.
Crypto Market Downturn
The broader cryptocurrency market is experiencing heightened uncertainty due to macroeconomic factors emerging without significant announcements or developments during the recent Crypto Summit. The absence of notable news has led traders to exercise caution, causing further selling pressure and increased losses across the board. Bitcoin’s dip below $86,000 has triggered liquidations, resulting in a $493 million loss for long positions.
With such uncertainty surrounding the market, it is essential to stay informed about Stellar (XLM) and other cryptocurrencies that are expected to perform well despite these challenging times.
Source: https://cryptonewsland.com/stellar-xlm-faces-strong-resistance-at-0-55-as-crypto-market-declines/
