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- Stellar ($XLM) price was changing hands around $0.10 on Friday, down 7% and 15% in the past 7 and 30 days respectively.
- The Stellar Development Foundation has teamed up with Certora to boost security for Soroban.
Stellar ($XLM) price traded around $0.10 on Friday morning, positive by about 1.3% in the past 24 hours but -7% and -15% in the past seven and 30 days respectively. The downward trend that has held since the flip from highs of $0.20 on July 13 could now strengthen after $XLM broke below the support line of a descending triangle pattern.
Stellar price gives up key support area
Today’s slight upside comes after Stellar news regarding its Soroban, a WebAssembly (WASM)-powered smart contracts platform. The Stellar Development Foundation has teamed up with smart contracts audit platform Certora to boost ecosystem security for Soroban.
Product update! Today, @CertoraInc & @StellarOrg have teamed up to boost @SorobanOfficial, the Stellar network's smart contract platform, with cutting-edge formal security verification.
Why is this important? It fortifies the foundation of blockchain security, ensuring trust…
— Stellar (@StellarOrg) October 11, 2023
Stellar announced a testnet for the smart contracts platform in September. While the development coincided with a spike to above $0.12 for $XLM, the overall picture since has been one of struggle for bulls.
As can be seen on the daily chart below, the $XLM price has failed to decisively break above the downtrend resistance line of a descending triangle since July’s downward flip. The bearish outlook remains and could strengthen as bulls struggle to keep prices above $0.10.
Stellar price chart. Source: TradingView
While the $0.11 area is now the new supply zone, sellers taking control beneath this horizontal line has them eyeing the potential dip to $0.09 and even $0.07. The technical picture on the chart has both the daily RSI and MACD suggesting sellers hold the advantage.
Can bulls retake control?
$XLM price will need to see a sustained push from current levels towards the descending trendline and possibly break higher to flip bullish. If $XLM breaks above $0.13, buyers might target the immediate term supply wall around $0.16.