Crypto 350

07/16 05:57

XLM returns to key support: Will $0.44 spark the n

XLM returns to key support: Will $0.44 spark the next rally?

Stellar [XLM] was in a strong uptrend, but it could be time for a minor pullback. AMBCrypto reported that bulls may be exhausted after driving a 110% rally in just one week.

Stellar’s price dip in recent hours also coincided with a 4.95% pullback for Bitcoin [BTC], from $123.2k to $117.1k.

Coinalyze data showed that bullish enthusiasm was still strong in the short-term, and Funding Rates remained positive. The 10.6% price drop was accompanied by a drop of $20 million in Open Interest.

This suggested long liquidations and traders taking profit at the $0.51 resistance zone.

The spot CVD maintained its uptrend, showing that sellers weren’t dominant yet. This suggested that the price pullback might be shallow.

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