Stellar [XLM] has recently experienced a significant breakdown from a bearish flag pattern, indicating a surge in downward pressure within the market. Analysts now anticipate a target price of $0.378 as sellers regain control following a period of consolidation. Currently trading at $0.4075, Stellar has witnessed a more than 5% drop in the last 24 hours, putting investor confidence to the test as overall market sentiment continues to deteriorate.
The bearish trend is further confirmed by heavy sell orders and increased volatility in the derivatives market, underlining the dominance of bears in the short term. Futures Cumulative Volume Delta (CVD) data reveals a strong sell-side dominance, with traders aggressively closing long positions and favoring bearish stances. This persistent selling pressure signifies a significant shift in trading behavior, making it challenging for buyers to regain control.
Moreover, negative Funding Rates on exchanges like Binance indicate traders’ willingness to pay funding to maintain short positions, signaling a growing sentiment in favor of downside speculation. While extremely negative rates can sometimes trigger short squeezes, the current levels suggest a moderate range, reflecting broader market caution and adding weight to the bearish outlook in the short term.
Despite a brief spike in sentiment in mid-July, weighted sentiment for Stellar has plummeted into negative territory, standing at -0.266. This decline showcases traders’ disappointment and fading enthusiasm from earlier rallies, making it challenging for bulls to rebuild momentum. The overall weak sentiment suggests a pessimistic outlook among market participants, aligning with technical weakness and hindering a swift rebound for Stellar.
Additionally, liquidation data reveals a significant imbalance between long and short positions, with long liquidations dominating recent trading sessions. Leveraged traders betting on the upside have been forced out, intensifying the downward pressure on prices. The cascading effect of liquidations has amplified selling momentum, making traders holding bullish bets increasingly vulnerable in the current market environment.
In conclusion, with mounting bearish signals from Futures sell dominance, negative Funding Rates, weak sentiment, and long liquidations, Stellar is likely to continue its downward trajectory towards the $0.378 target unless substantial buying volume emerges. The technical breakdown from the bearish flag pattern is well-supported by on-chain and derivatives data, pointing towards a challenging road ahead for Stellar in the short term. The Benefits of Plant-Based Eating
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