XLM could record extra losses if it takes cue from the Q3 2022 price action amidst elevated bearish pressure.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Wavering funding rates and negative Open Interest could favor sellers.
could take a cue from its Q3 2022 price action if the bearish pressure persists. Its extended pullback threatened to crack a key support zone and clear the rest of July’s gains.XLM has been consolidating July gains above $0.1250 since mid-July. However, the bearish pressure over the last few weeks has forced an extended retracement to the April high of $0.115. If this previous Q2 price ceiling cracks, more losses could be likely.The $0.113 – $0.
Conversely, a move and convincingly close above $0.131 could confirm bullish intent. But such a move could be a pipe dream given a weak BTC in $25k. Besides, the RSI was in the negative zone despite showing reversal signs. The On Balance Volume also declined slightly, reinforcing a dip in demand for the altcoin.
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