🚨XLM (Stellar) Technical Alert!!!
Originally referred to as the XRP 'testnet', the recent trend of XLM has left bulls worried. The four-hour chart shows that XLM has officially broken below the lower edge of the rising channel since April and has lost the key 0.618 Fibonacci level ⚠️
📉 The current price is around 0.283, but it is already below the channel support, showing weak rebound potential. The next potential support is at 0.26, and if it fails to hold, it may seek a bottom towards 0.243.
Why is this pullback worth noting? Because 📌 amidst BTC stabilizing at 107,000 USDT and XRP in sideways movement, XLM has actively weakened, indicating that the intrinsic buying power of this cryptocurrency has significantly diminished.
The previous upward structure has been damaged, and if it cannot quickly recover and stabilize above 0.29 in the short term, the market may enter a new round of selling pressure.
Currently, XLM is not a preferred choice for counter-trend rebounds but is a cryptocurrency in a confirmed downtrend channel. Taking a wait-and-see approach is better than blindly bottom-fishing, unless you are skilled at shorting ⚔️
