News

Stellar (XLM) Keeps Declining

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

On November 19th, the XLM keeps decreasing in price, generally trading at $0.0657.

On D1, the XLM/USD quotations have broken out the resistance line of the long-term channel. The breakout was quite confident but now the prices are forming an impulse of decline to the local support near $0.0626. A breakout of this level may let the quotations fall to $0.0440. The resistance is near $0.0875. Further decline is confirmed by a Black Cross forming on the MACD.

On H4, the downtrend can be seen in more detail, and the channel looks rather stable. However, the scenario with a bounce off the target support level should not be ignored. On the Stochastic, the lines have entered the oversold area, which might mean upcoming correctional growth to the local resistance at $0.0720. However, the growth needs to be confirmed by a Gold Cross on the oscillator.

Related Post

50 million of XLM coins were transferred to the Kraken exchange. It was evaluated as $3.6 million, and the price of the Stellar token declined immediately.

It is known that the coins were transferred by Stellar Development Foundation (SDF). The reason for the sale is unknown but it might be normal market interests.

One more reason for the XLM to fall might have become the completion of the airdrop process sized $120 million. During it, the participants received 500 tokens averagely, each costing $35 at that moment. The coins were transferred to the participants’ wallets. It would be logical to suppose that the users started selling those coins, which actions could pull down the XLM quotations.

All in all, the XLM volatility remains high in November. First, the SDF exterminated more than half of the emission of its tokens, which was $4 billion. After that, the exchange rate started growing but the trend turned out unstable.

Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Dmitriy Gurkovskiy

Chief Analyst at RoboForex

Share
Published by
Dmitriy Gurkovskiy

Recent Posts

Pi Coin Price Stalls Below $0.78, Ondo Finance Market Cap Crosses $3B, Unstaked Rises as Fastest Growing Crypto 2025

Pi Coin Price Battles $0.78, Ondo Finance Market Cap Reclaims $3B, Unstaked Races Ahead as…

19 hours ago

Cold Wallet vs MetaMask: The Privacy-First Crypto Wallet Redefining Control

Cold Wallet’s $CWT Set for 4,900% ROI While Polkadot and Sui Fuel Altcoin Season Comeback…

19 hours ago

Web3 ai Projects 1747% ROI as HBAR Faces Resistance and TRX Climbs

Hedera Tests Key Resistance While Tron Climbs and Web3 ai Projects 1747% ROI as the…

20 hours ago

PEPE Set for Breakout, BlockDAG’s 90% Rollback Fires Up $218.5M Presale! MANTRA’s Big Move

PEPE Set for Breakout, MANTRA Burns 300M Tokens, But BlockDAG’s 90% Rollback Is the Real…

20 hours ago

Ethena Labs Transforms into Institutional DeFi Powerhouse Amid Expanding Product Suite

Once known just as a synthetic dollar provider in the DeFi world, Ethena Labs is…

1 day ago

$SUI Surges 60% in One Week as Ecosystem Activity Explodes

In a striking display of momentum, $SUI's price has rocketed upward by 60% over the…

1 day ago