- XLM
Coin’s value could potentially drop to $0.099. - Current CMF and Open Interest trends support a negative scenario.
- For a positive turn, the price needs to exceed $0.13.
Meta Description: This article provides an in-depth analysis of XLM Coin, highlighting its potential price drop, current market trends, and the conditions necessary for a positive shift.
Understanding the Potential Low in XLM Coin
XLM Coin, a familiar name among cryptocurrency investors, has been affected by the bear market. Despite showing signs of significant recovery before the recent BTC crash, the popular altcoin is now giving crucial short-term signals. This article examines XLM Coin predictions independent of the overall market, and also touches on the highest price ever recorded for XLM Coin.
Historical Highs of XLM Coin
The cumulative volume in the cryptocurrency markets has receded to rarely seen levels, with only $14.7 billion in volume generated across the entire market in 24 hours. This explains the lackluster price charts, which are a result of a lack of demand. Stellar (XLM) Coin has been around for years, but it reached its all-time high quite some time ago. Unlike many altcoins that reached their all-time high (ATH) during the 2021 bull season, XLM did not follow suit.
The altcoin, which hit its all-time low (ATL) of $0.001227 nine years ago on November 18, 2014, saw its peak in 2018, similar to XRP Coin. The XLM Coin price reached its historical high of $0.93 at the beginning of that year, specifically on January 4, 2018.
Forecasting XLM Coin’s Price
The hawkish stance adopted by Powell at the Jackson Hole meeting curtailed optimism in risk markets, which inevitably had a negative impact on altcoins. The marked areas in the chart below represent weekly blocks of sell and buy orders. The $0.113 and $0.130 area in the chart is a weekly sell order block (OB), which aligns with the highest level of its range in the second quarter of 2022.
On the other hand, the white area between $0.095 and $0.109 is a weekly buy order block (OB) that was retested twice as support in July and August. At the time of writing, XLM was rejected at the point where the 50-EMA (Exponential Moving Average) and the previous highest range ($0.13) converge. Additionally, the price has been making lower highs since July, indicating a bearish trend in the daily timeframe.
Therefore, sellers could potentially push XLM prices down to the $0.099 level in the coming days.
Conclusion
While the current market conditions suggest a potential low in XLM Coin’s value, it’s crucial for investors to keep an eye on market trends and make informed decisions.
