Stellar is Struggling: XLM Dropped by 0.4%

Stellar (XLM) Shows Technical Weakness

Stellar (XLM) has been fluctuating around the $0.3027 support level in recent days and is stuck at the $0.3160 resistance level. Recent price movements confirming a short-term decline are creating an air of uncertainty among investors.

Moreover, with a volume increase of 62.1 million, trading occurred at more than 180% above the average, indicating strong buying interest at the $0.3027 level. However, despite this buying interest, price action continues to be weighed down by the technical resistance between $0.3147 and $0.3160.

Collaboration Between Ripple and Stellar

The positive sentiment regarding the collaboration between Ripple and Stellar on humanitarian aid payments has had a significant impact on the market; however, technical resistances are still limiting price movements. If these resistances are overcome in the short term, we may see a move upward.