XLMUSDT - THE DOWNTREND MAY PERSISTSymbol - XLMUSDT
XLMUSDT is currently entering a correction phase following an attempt to establish an uptrend. The price is breaking key support levels due to a shift in market structure and the ongoing correction in Bitcoin. As Bitcoin undergoes a corrective phase, it is exerting additional pressure on the already fragile altcoin market. This bearish sentiment is partly fueled by the disappointment within the cryptocurrency community, stemming from the lack of mentions regarding cryptocurrencies in President Trump’s recent speech. The market is attempting to process this development as part of the broader corrective phase.
From a technical perspective, XLM is breaking through its ascending support within the broader descending channel, indicating continued bearish pressure.
Key support levels: 0.4175, 0.3895
Key resistance levels: 0.4600, 0.4955
Attention is focused on the previously breached channel boundary and the support level at 0.4177. The price may retest this broken channel boundary before potentially declining further. However, a sustained breakdown and consolidation below 0.4177 could trigger increased selling activity.
