Stellar Lumens extends a 7-day losing streak as derivatives data turns sharply bearish and XLM retests key support levels on rising downside momentum.
Summary
- Stellar Lumens has fallen for seven straight sessions, with price nearing support last seen in April amid broad crypto market weakness.
- Derivatives data show falling open interest, heavier long liquidations, and a rising short ratio, signaling increasingly bearish positioning.
- XLM is retesting June support with RSI near oversold and MACD turning lower, keeping risks open for a drop toward the annual low if selling persists.
Stellar Lumens falls for seventh straight day as derivatives data shows bearish positioning.
Stellar price heading towards correction
Stellar (XLM) Lumens continued its decline for a seventh consecutive trading session, with derivatives market data indicating increased bearish positioning among traders, according to cryptocurrency analytics platform CoinGlass.
The digital asset has declined alongside broader cryptocurrency market weakness and is approaching levels last seen in April, according to price data. Futures Open Interest for Stellar has entered a declining trend, reflecting a decrease in the notional value of active futures positions, CoinGlass data showed.
Long position liquidations exceeded short position liquidations over the past 24 hours as the token weakened, the data indicated. The long-to-short ratio has shifted to reflect an increase in short positions, according to the analytics platform.
Technical analysis of the four-hour price chart shows Stellar retesting support levels from June following underperformance over the past week. The token could decline to additional support levels, including the annual low, if the current trend persists, according to chart patterns.
The Relative Strength Index has moved toward oversold territory, while the Moving Average Convergence Divergence indicator has turned lower after crossing below its signal line, both suggesting downward momentum, technical data showed.
A reversal in price action could see the token retest previous support levels that have since become resistance zones, according to technical analysis frameworks.
Stellar Lumens, which operates a payment network designed for cross-border transactions, has not released any statement regarding the recent price movement. The broader cryptocurrency market has experienced volatility in recent trading sessions.
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