Stellar holders are disappointed as 12 days of Christmas are horrific- price action to wrap up

The XLM price forms a long descending resistance line.
Stellar was heavily affected by the FTX meltdown.
The price has fallen by more than a quarter, since the crash.

The Stellar holders are in utter disappointment as these 12 days of Christmas are meant to bring joy and not to be a bummer. The price of the native token, XLM, is on a consistent fall which is not a good sign and indicates the damage the FTX crash caused the DEX, after being users’ favorite due to its varied use cases. Stellar’s (XLM) across-chain system also allows for the transfer of digital assets on multiple blockchains through its interoperable feature, along with the facility of bringing all financial systems and organizations under one network, making access easier for users.

The price path

The XLM price is consistently forming a descending downtrend marking lower highs time and again. The price has recently formed a descending triangle, which hints at the possible price fall near the range of $0.05. The trading volume being recorded is also in diminishing trend and reflects chances of Stellar facing a sell-off in the near term. Since this DEX and the native coin, Stellar Lumens (XLM), are among the most efficient and user favorite, the users will try hard to save, and the chances of the effort going in vain are high.

The CMF indicator oscillates around the zero line and slopes down, signaling the forthcoming downtrend. The MACD records depleting buyers, and the lines are converging below the base bar showing withdrawn participation. The RSI indicator hasn’t seen higher ranges in ages and is moving horizontally under the seller regime, that too slipping further down.

The closer frame

The price in the 4-hour timeframe shows a horizontal movement and plans to drop from here. The CMF falls steeply below the zero mark showing an ongoing as well as an upcoming downtrend. The MACD indicator has already diverged wide, recording heightened red bars and sellers entering the positive action zone, leaving the buyers behind. The RSI indicator has touched the brim of being oversold and plans to fall to much lower ranges as sellers are yet to gain momentum.

Conclusion

The price action for XLM is turning out to be the Grinch in any Christmas movie, except here, it’s all red, as the sellers’ rule. The holders can’t do much about it. It is high time for Stellar to bring back its charisma and turn the tables for itself as it beholds many hopes and has a much higher potential than its current potential.

Technical levels

Support levels: $0.07 and $0.06

Resistance levels: $0.09 and 0.11

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.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing