XLM has dropped sharply in the past two weeks, as the crypto market continues to struggle to shake off the negative impact of President Trump’s tariff increase on China. As market sentiment sours, is a bearish Stellar price prediction justified?
Trading volumes in the past 24 hours for XLM have gone up by 24% even though the price has retreated by 1.4%. This is an indication that selling pressure is increasing as XLM nears $0.30.
However, the popular trader Ali Martinez, whose X account is followed by nearly 161,000 users, shared an interesting chart that favors a bullish outlook for the token.
According to Martinez, as long as the $0.30 level holds, there is a chance that XLM could reach $1 during this cycle.
Thus far, the token has managed to stay above that mark, which favors Martinez prediction. Nonetheless, above-average volumes today could indicate that bears are getting ready to retest this key level once again.
The daily chart shows that the $0.30 area is definitely the key to watch if the selling pressure accelerates.
XLM has bounced off this level previously and it has technical relevance as there is confluence between a former area of resistance and a trend line support.
Nonetheless, the token has declined below the 200-day exponential moving average (EMA) and the Relative Strength Index (RSI) remains heavily depressed and is near oversold territory.
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