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XLM falls 12%, OI drops 33% – Stellar traders are withdrawing from the market
Stellar (XLM) is going down after a sideways phase without creating a bullish breakout. This altcoin has recently seen a significant decline, as traders withdrew around 196 million dollars from the market. This large-scale capital withdrawal continues to exert downward pressure on XLM and indicates uncertainty from investors.
XLM traders have a bearish sentiment
In the past week, the open contract (OI) of XLM fell by 33%, indicating a change in investor sentiment. The sharp decline in trading activity reflects a lack of confidence in the next direction of price. The withdrawal of about 196 million dollars from the derivatives market suggests that traders may still be hesitant about the next move or choose to wait instead of opening new positions.
The decision to exit the market instead of entering new positions indicates that traders are not yet ready to commit to a bullish or bearish stance. This indecisiveness often occurs before periods of high volatility or consolidation, and in the case of XLM, the trend seems to be leaning towards the next price corrections.
The bearish crossover of the MACD is often a fairly reliable indicator of the risk of a fall, indicating that market sentiment is turning negative. In the case of XLM, this signal further clarifies the lack of confidence and adds to the instability in the market, making a quick price recovery difficult.
As of the time of writing, XLM has fallen 12% in the past 48 hours and is currently trading around $0.42. Although it has maintained the support level of $0.412, recent technical developments may cause the price to continue to adjust in the coming days.
According to the current market conditions and technical indicators, XLM is likely to slide below the support level of 0.412 dollars and drop deep into the range of about 0.359 dollars, contributing to an extension of the current losses.
Minh Anh