The price of XLM has fallen by 7% in the last 24 hours and is currently trading at $0.47. The altcoin has been consolidating below the resistance of $0.50 for the past week, struggling to achieve significant gains.
If the outflows continue to dominate, the price could see increased downward pressure. Failing to overcome this resistance level, along with momentum indicators weakening, could push XLM below its support levels of $0.43 and $0.41.
This would make the altcoin vulnerable to a deeper correction, potentially dropping to $0.35 in the coming days.
However, if inflows recover and the bearish trend is neutralized, XLM could find support and attempt once again to surpass the resistance of $0.50.
A successful breakout would invalidate the current bearish thesis, with XLM targeting a price of $0.56, indicating a reversal of the recent bearish trend.