• XLM remains under selling pressure but shows signs of stabilization.
• RSI suggests the token is nearing oversold conditions.
• MACD indicates weakening bearish momentum.
• A move above $0.3150 could trigger a bullish breakout.

Stellar (XLM) continues to struggle as selling pressure grows, dragging the token’s value lower. The token’s value has dropped nearly 5.01% in the past 24 hours, extending its weekly loss to 10.66%. This decline reflects broader market weakness and reduced investor confidence in a short-term price recovery.

At press time, XLM is trading at $0.2913. Trading activity has increased, with a 24-hour volume of $182.32 million, up 58.65%. Despite higher volume, its market cap stands at $9.31 billion, down 4.98%, suggesting profit-taking and limited buyer participation in the ongoing session.

Indicators Hint At Possible Short-Term Relief

Stellar (XLM) remains under pressure, trading below key moving averages on the 4-hour chart. The token is currently hovering near $0.2916, slightly above its immediate support of $0.2890. The 20-SMA at $0.3029, 50-SMA at $0.3132, 100-SMA at $0.3154, and 200-SMA at $0.3407 all sit above the price, confirming the dominance of bears. A recovery would require buyers to reclaim the $0.3020–$0.3150 range, with the next resistance target near $0.3407.

The RSI stands at 32.63, near oversold territory, signaling possible exhaustion among sellers. A rally from current levels could spark a short-term recovery rally, especially if RSI rises above 45. Also, the MACD indicator shows some sort of stabilization as the difference between the MACD line and the signal line is getting smaller. Despite the overall bias toward a bearish trend, a crossover could imply a reversal in the trend if the price can maintain above $0.3020.

Chainlink Integration Could Reinforce Stellar’s Ecosystem

In a significant development, Stellar ($XLM) is set to join the Chainlink SCALE, in a move that will see Chainlink’s Data Feeds, Data Streams, and CCIP integrate with Stellar. This is expected to help Stellar’s ecosystem in offering reliable real-time data, seamless inter-chain transfers, as well as optimized decentralized app performance.

This collaboration will benefit Stellar by enhancing its infrastructure as well as its ability to interoperate across various chains. This means that developers will benefit from high accuracy in on-chain pricing as well as faster settlement capabilities. Since both of these chains are built with a focus on security as well as scalability, this synergy will help Stellar chains gain prominence in the Web3 financial ecosystem.

Also Read: WisdomTree launches Stellar ETP, XLM targets $0.36