Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• A weekly candlestick close below $0.131 could expose XLM to more losses. 
• Wavering funding rates and negative Open Interest could favor sellers. 

Stellar [XLM] 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. 

Is your portfolio green? Check out the XLM Profit Calculator 

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 (Q2) high of $0.115. If this previous Q2 price ceiling cracks, more losses could be likely. 

Bulls out to defend Q2 high as support

The $0.113 – $0.130 (cyan) support zone, bordering the Q2 highs, has been holding sellers from seeking more ground. Although it flashed green after a recent retest on the daily chart, indicating bulls’ intent to safeguard it, the weakening Bitcoin [BTC] was pressing. 

A session close below $0.131 on the weekly chart could confirm sellers’ extra leverage. Such a move will put XLM within the Q3 2022 price consolidation range of $0.099 – $0.131. If so, a price rejection at the previous range-high ($0.131) could lower the altcoin to the range-low ($0.099). 

Conversely, a move and convincingly close above $0.131 could confirm bullish intent. But such a move could be a pipe dream giv

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Author: Benjamin Njiri

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