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Stellar (XLM) at Risk of a Major Crash After Losing Key 10-Day Support
Stellar’s XLM has lost its short-term support after a strong rally, leaving the asset at risk of a major crash in the coming days. The token’s recent surge from under $0.30 to over $0.50 has been met with skepticism by analysts, who are now warning that it may be time for a correction.
As XLM falls below its 10-day simple moving average (SMA), buyers are beginning to lose momentum and sellers take control of the market. This shift in sentiment is further reinforced by the Bull-Bear Power (BBP) indicator’s change from green bars, which indicated strong buyer activity earlier in July, to red bars signaling a transition towards bearish dominance.
While some analysts may point to historical cycles for insights into XLM’s potential future performance, it is crucial that traders take heed of these key levels. Any attempt by buyers to push the asset above $0.45 with substantial volume could potentially lead to a return toward $0.50. Conversely, failure to regain this support level may prompt further selling.
The current market dynamics indicate that the token’s upward momentum has cooled significantly. This shift in sentiment is evident in the BBP indicator’s change from green to red bars, indicating an increased presence of sellers.
Source: cryptopotato.com
