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Stellar XLM Price on the Verge of a Breakdown, Should You Sell or Hold?
The price of Stellar’s native cryptocurrency, XLM, has taken a drastic turn for the worse. In just 24 hours, the value of XLM has plummeted by a staggering 10.84%, causing widespread panic among investors and traders alike. As the price continues to decline, it is essential to re-evaluate investment strategies and consider whether this downturn presents an opportunity or a warning sign.
At its current price of $0.4168, XLM is at risk of breaking crucial support levels, which could lead to further volatility and potentially devastating losses for investors who fail to act quickly enough.
The recent surge in trading volume, a 71.56% increase to $1.02 billion, serves as a stark reminder that the cryptocurrency market can be unforgiving. Amidst this chaos, XLM’s RSI has plummeted to an oversold zone of 28.14, indicating that the price is not just a short-term blip but rather a symptom of a much larger issue.
As such, investors should carefully consider their options at this critical juncture. The price needs to stabilize around $0.40 in order to avoid a catastrophic collapse to the Fibonacci support near $0.32.
In light of recent events, it becomes increasingly crucial for traders and investors alike to prioritize caution and exercise extreme prudence when considering any potential buy or sell orders.
With the RSI firmly planted within an oversold zone, it may be wise to reassess one’s investment strategy in order to mitigate potential losses.
Source: coinpedia.org
