XLM Death Cross Emerges: Key Indicators Suggest More Pain Ahead
Following the intensification of the Israel-Iran confrontation, Stellar (XLM) is trading at its lowest levels in a month, down 0.47% in the last 24 hours and 13.26% over the previous 30 days. The price is currently trading close to crucial support levels, and the recent decline has driven several technical indicators into negative territory.
While the RSI only shows a little recovery from oversold levels, a recently formed death cross and rising ADX indicate that bearish momentum is still in control. The next several days will be crucial in deciding whether a collapse or reversal occurs because sentiment is shaky, and XLM is under pressure.
XLM Technicals Flash Warning: RSI Signals Uncertainty Ahead
The Relative Strength Index (RSI) for Stellar is currently at 32.63, which is somewhat higher than the 26.93 reading from yesterday but still far lower than the 69.20 level from only two days ago. In less than 48 hours, XLM went from almost an overbought zone to the verge of being oversold, indicating a swift change in market sentiment.
The fact that XLM’s RSI is currently just over the oversold level suggests that although selling pressure has somewhat subsided, buyers have not yet completely recovered control. Although caution is still advised for the time being, if the RSI keeps rising and crosses over 40, it may be an early indication of a trend reversal.
XLM’s ADX Jumps to 30.46: Is a Major Price Move Brewing?
Almost back to the 30.5 level it was at two days ago, Stellar’s Directional Movement Index (DMI) ADX reading is 30.46, up from 24 earlier today. This suggests that the strength of the current trend, whether upward or downward, is once again growing after a little respite in momentum. Bullish pressure is gauged by the +DI, which is now at 14.37, up from 11.88 two days ago, but still far below the 31.63 level. Currently at 32.37, the -DI, a measure of negative pressure, is still much higher than the 9.2 reading from two days ago, but falling from 39.67 yesterday.
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