Stellar price analysis: XLM/USD struggling to break down resistance heading into $0.50, as price knocked back again

XLM/USD has been knocked back by resistance heading into $0.50, down 6% on Monday.
As the bulls are taking a breather, near-term support seen at $0.42 and then $0.36.

Ken Chigbo Independent Analyst

The Stellar price is seen down over 6% on Monday, one of the outperformers across the crypto market. General cooling across the market is observed, as there are several key areas of resistance seen for most of the major altcoins.

XLM/USD has been knocked back south, after enjoying a decent run of gains within the recent trading weeks. This could very well be a mild form of consolidation, ahead of the continued firm move to the upside, as bulls are proving a trend change.

Technically, XLM/USD attempted to break down the early $0.50 area, the last time traded here was back on 24th January. As the bulls are taking a slight breather from the recent run, near-term support is seen at $0.42, then $0.36.

XLM/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

Ripple eyes short-term bullish turn as investor demand returns

Ripple exhibits strong recovery prospects, trading above $1.10 on Friday. This rebound aligns with the broader crypto market and can be attributed to easing geopolitical tensions in the Middle East and growing appetite for risk assets.

Crypto Today: Bitcoin, Ethereum, XRP advance amid renewed capital inflows

Bitcoin maintains its upward momentum, holding above the $61,000 mark at the time of writing on Friday. Major altcoins such as Ethereum and Ripple are also posting gains, signaling a modest uptick in market sentiment and renewed risk appetite among investors.

Bitcoin Weekly Forecast: Quarter-end rebalancing might fuel BTC next bullish move

Bitcoin recovers to $61,800 on Friday after falling to a 21-month low of $57,800. US-listed spot ETFs recorded outflows of $526.64 million through Thursday, pointing to the eighth consecutive week of withdrawals.

Pi Network posts minor gains amid easing risk-off market sentiment

Pi Network (PI) shows minor recovery on Friday, a slow follow-through of the 2% rebound from the previous day. The recovery in PI aligns with the easing broader market risk-off sentiment, fueling speculative interest in the token.

Bitcoin: Quarter-end rebalancing might fuel BTC next bullish move

Bitcoin (BTC) is up over 3% so far this week, trading above $61,800 at the time of writing on Friday after slipping to a 21-month low earlier this week. Institutional selling continued, with spot Exchange Traded Funds (ETFs) recording net outflows of over $520 million through Thursday, pointing to the eighth consecutive week of withdrawals.