- Stellar is forming a long term descending resistance line.
- SCF has announced the winners for its grant awards’ 11th round .
- All 21 winners are building unique and fluxing Stellar ecosystem projects.
The Stellar Blockchain ecosystem is poised to witness the addition of several revolutionary projects that will positively impact the Stellar Lumens (XLM). In all, 21 winners were announced for the 11th round of Stellar Community Fund (SCF), which is the project funding initiative by the ecosystem. But even after all this, the XLM price forms a descending resistance line in the long term and a descending triangle in the short term. The price action from long-term and short-term time frames are calibrated and indicate that another final fall may be witnessed prior to a bullish trail reversal.
XLM turns into shooting star
The XLM price has consistently formed a descending resistance, with price action occurring below all crucial EMAs. The price is likely to fall, respecting the previous swing, to $0.060 for the final fall. Volume faces a downward push and is depleted which reflects that users are vacating positions on the coin. The XLM price took a downturn since reaching a high of $0.080 in May 2021. The downtrend movement accelerated after the price created a lower high in November of the same year.
The CMF indicator oscillates closer to the neutral range and slopes down to hint at the forthcoming tragic fall in XLM prices. The MACD indicator records depleting buyers with lines functioning under the zero-histogram mark. The RSI indicator moves sideways below the half line but reflects the chances of going oversold.
The closer look
The smaller time frame shows the price rising in the platform to fall from a higher base. The CMF indicator rises to show the aforementioned characteristic but may descend soon. The MACD goes neutral and closer to the baseline but can face active selloff from the users. The RSI retraces from the half line falling to the lower ranges respecting the bear takeover.
Conclusion
Stellar Lumens (XLM) loses all its bling as the market falls like a shooting star without granting any wishes to the holders. Users are vacating the market and are gradually picking up all the last straws from the hypothetical structure that supports the XLM market.
Technical levels
Support levels: $0.0780 and $0.0675
Resistance levels: $0.1155 and $0.1295
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/18/stellar-lost-its-twinkle-and-goes-dull-price-discourages-holders/