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Following the positive ruling that Ripple (XRP) is not considered a security in the Ripple vs SEC case, the price of many cryptocurrencies saw their prices rise. However, heading into the weekend, it seems like the majority of cryptos are once again trading in the red, and the same can be said for Stellar (XLM).
CoinMarketCap indicated that XLM was trading hands at $0.1342 at press time, following a 11.63% price decrease over the past 24 hours of trading. This left the crypto trading a tad closer to its daily low of $0.1277 than its 24-hour high of $0.1529.
Furthermore, XLM’s 24-hour trading volume fell by more than 64% throughout the past day. As a result, the altcoin’s volume stood at around $419,725,228. Despite XLM’s latest price drop, its weekly performance remained in the green zone at +38.16%.
XLM’s price broke below the major support level at $0.1411 over the past 24 hours, and continued to trade below this mark at press time. A bullish hammer candlestick was forming on the altcoin’s 4-hour chart, however. Should this pattern be confirmed by the close of the latest 4-hour candle, then it will signal that XLM’s price has established a bottom.
If this candlestick pattern is validated, then XLM’s price may look to break above the aforementioned $0.1411 level in the coming 4-8 hours. If XLM succeeds in challenging this price point, then it will have a clear path to rise to $0.1551 in the following 24 hours.
On the other hand, if the latest 4-hour candlestick does not close as a hammer pattern, then XLM may be at risk of losing the support of $0.1285 in the coming 8-12 hours. In this scenario, continued sell pressure may even drag the crypto’s price down to $0.1114 in the following 24 hours.
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