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Over the previous 24 hours, XLM has seen some slight consolidation. After 4 straight days of loss, the coin has managed to report a modest 2% surge. But that is nonetheless a passing cloud. In reality, the bearish outlook on XLM is stronger particularly now we’ve got seen a drop in commerce volume. Here are some pointers:

• XLM has seen a 28% decline over the previous week

• The trading volume over the identical interval has additionally declined sharply

• The coin will possible proceed downward for just a few weeks regardless of the minor restoration.

Data Source: TradingView 

Stellar: A bear on the unfastened?

It’s comprehensible that XLM is bearish and can stay so for at the least one other month. The market has not left any room for features as most main cash proceed to unload. But the development for XLM is kind of alarming. 

The coin truly noticed some respectable runs in May. In reality, within the run-up to June, we noticed a robust aid rally for XLM that took it above a number of key help zones. But over the previous two weeks, slowed momentum has pulled the worth motion down. Besides, momentum indicators, together with the RSI and the Money Flow Index present a bearish studying. 

But extra importantly, a pointy decline in commerce volume has been noticed. This means that many buyers are taking a break from XLM as they look forward to the market to show. With all these elements, XLM will proceed to development decrease and should even hit a brand new 2022 low within the coming days.

Should you purchase the XLM dip?

Well, for now, it’s greatest to attend. The market is but to backside, and even when we see a aid rally, it is going to be short-lived.

XLM nonetheless has one other 40 – 50% draw back to go. Wait for it to backside earlier than you soar in for the dip. This might take just a few weeks to occur and even sooner.