Stellar (XLM) Price Flip Flops, Bulls Struggle to Keep up

XLM Price Can Stellar's Key News Help Reverse the Bearish Trend?

XLM price Will Stellar news halt the bearish trend?

Ah, Stellar (XLM) price, a true rollercoaster ride in the digital asset world. It’s been up and down so much lately that it’s starting to make my head spin faster than a blockchain transaction.

Just last Friday, XLM price was changing hands around $0.10, down a whopping 7% and 15% in the past 7 and 30 days respectively. Good heavens! It’s like the price was playing a game of limbo, constantly trying to go lower and lower.

But hey, hold onto your digital wallets because there’s some interesting news on the horizon. The Stellar Development Foundation has joined forces with Certora to boost security for Soroban. It’s like giving Soroban an ironclad vault to protect all the digital treasures within. Talk about leveling up the security game. Soroban is going to be one tough nut to crack now.

Now, let’s talk about the price action. Today, XLM price is trading around $0.10, showing a minuscule 1.3% increase in the past 24 hours. But hold your horses, this slight upside doesn’t mean the bulls are taking over just yet. The downward trend that kicked off on July 13 is still rearing its ugly head. In fact, XLM broke below the support line of a descending triangle pattern. It’s like the bears are throwing a party and the bulls didn’t even get an invitation.

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But wait, there’s more! Stellar made an announcement about a testnet for the smart contracts platform in September. Picture this: XLM price spiked above $0.12, and all the bulls were kicking up their hooves in excitement. Oh, how fleeting that moment was. Since then, it’s been a struggle for the bulls to regain control.

Take a gander at the daily chart below. See how the XLM price has failed time and time again to break above the downtrend resistance line of the descending triangle? It’s like watching a dog chase its own tail, going in circles and getting nowhere. The bearish outlook seems to be sticking around like an unwelcome party guest, and the bulls are desperately trying to keep prices above $0.10, but it’s a tough gig.

Can the bulls ever retake control? That’s the million-dollar question, or should I say, the million-XLM question. If XLM price manages to launch itself upwards and break above $0.13, then maybe, just maybe, the buyers might set their sights on the immediate term supply wall around $0.16. It’s like inching closer to the finish line, but boy, there are so many hurdles to jump over.

So, fellow investors, buckle up and hold onto your digital assets. The ride isn’t over yet. Stellar (XLM) price is playing its own game, and we’re all just spectators, watching with bated breath, hoping for a breakthrough. Will the bulls prevail? Only time will tell. Until then, let’s keep a close eye on XLM’s journey through the Ups and Downs Land of the Digital Asset Kingdom. May the blockchain be with us all.

But what do you think, dear reader? Are you feeling optimistic despite the rollercoaster ride? Or are you holding onto your digital assets for dear life, hoping the bears don’t snatch them away? Share your thoughts in the comments below, and let’s embark on this wild ride together!

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