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Stellar’s native token XLM is approaching its lowest value since June 2023, with the risk of falling further. Although XLM’s price has increased by 9% in the last 30 days, recent declines in the past 7 days and 24 hours are turning the situation negative. So, what is happening with XLM right now?
Current Status of XLM
As of the time of writing, XLM’s price is at $0.10. XLM, influenced by the market rise in recent weeks, has seen a 9% increase over the last 30 days. On the other hand, some indicators of the token present a different scenario. As profit-taking increases in XLM, the prevailing sentiment in the market is shifting from bullish to bearish.
The values reflected in XLM’s Moving Average Convergence Divergence (MACD) indicator also confirm this situation. As of the time of writing, the token’s MACD line (blue) seemed to be preparing to cross below the signal line (orange).
The MACD indicator is known to be significant in determining trend direction. The appearance of the MACD line attempting to cross below the signal line can be perceived as a bearish signal. It may also reflect the recent weakness of the examined asset. Investors might refer to this as the beginning of a sell-off, typically occurring before a price decline.
Despite remaining in the positive region, the Chaikin Money Flow (CMF) indicator showing fund flow for XLM has started to weaken and move downward. Although the indicator is still above the zero line, the downward movement can be interpreted as an outflow of funds.
As of the time of writing, XLM’s CMF indicated 0.17. Despite being in the positive region, the downward movement of the examined asset’s CMF shows that purchases are continuing but weakening.
How Much Will XLM Be Worth?
Considering all these situations, if sales continue to outpace purchases in XLM, the cryptocurrency‘s price could drop to $0.077. It is also important to remember that the levels mentioned for XLM were last seen in June 2023.
If the trend potentially reverses and an upward trend is re-established, XLM’s price could move to the $0.11 region, as reflected in the charts.
