Can Significant Stellar News Turn the Tide on Bearish Trends?

could key Stellar news help stem bearish flip?

Stellar (XLM) traded at approximately $0.10 on Friday, showing a 1.3% increase in the last 24 hours. However, it has experienced a 7% and 15% decline over the past seven and 30 days, respectively. The persistent downtrend, which began after reaching highs of $0.20 on July 13, appears to be gaining strength after XLM breached the support line of a descending triangle pattern.

One factor contributing to the recent price movement is a partnership between the Stellar Development Foundation and Certora, a smart contracts audit platform. This collaboration aims to enhance security for Soroban, a WebAssembly-powered smart contracts platform on the Stellar network.

The introduction of cutting-edge formal security verification to Soroban is a significant development in blockchain security, reinforcing trust within the ecosystem.

Although XLM briefly spiked above $0.12 when the testnet for the smart contracts platform was announced in September, the overall trend has favored bears. The daily chart illustrates the ongoing struggle for bulls to break above the downtrend resistance line of the descending triangle since the July decline, indicating a bearish outlook.

Tokenmetrics

With the current supply zone around $0.11, a break below this level may lead to potential dips to $0.09 and even $0.07. Both the daily RSI and MACD indicators support the seller’s advantage, highlighting the bearish sentiment.

To regain control, XLM would need a sustained push towards the descending trendline and a potential breakout above it to shift the sentiment to bullish. If XLM manages to surpass $0.13, buyers may target the short-term resistance at around $0.16.

Stay updated with the latest cryptocurrency news and trends.

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