XLM continues to be weak on Tuesday, continuing its previous retreat. Despite price pressures, derivatives data do not indicate a consistent change in mood, and the current market is more like a repetition of short-line weakness and rebound expectations.
It's down to a month.
The CoinGlass data shows that the XLM space ratio is 0.84, almost a month lower. The multiple ratio is less than 1, which means that there are more empty space than more, and that there is an increase in the number of short-line dealers who continue down.
However, the XLM fund rate remains positive at 0.005 per cent. The positive fund rate usually means that many payments are still being made to the air, which means that part of the leveraged funds has not yet been abandoned to the position.
The price still holds two short-term averages.
Currently, XLM is in the vicinity of 0.193, still above the 50-day average moving index of 0.192, and the 100-day average moving index of 0.1872, with short-line structures not yet fully weak.
But the upper pressure is also concentrated. The XLM has still not broken the 200-day average moving index of $0.1985 and is not on board 61.8 per cent of Fibonacci's retreat of $0.2001, which constitutes the first block of the current rebound.
$ 0.1872 into short-line watershed
In terms of technical indicators, RSI is about 48, showing a weakness in kinetic energy. MACD remains above the zero axis, indicating that previous moves have not completely disappeared and that the market has not yet developed a unilateral lookout pattern.
XLM needs to go through $0.1985 and $0.2001 before it can go up to $ 0.2188, $0.2376 and $ 0.2607. In the event of a fall of $0.1922 and $0.1872, the price is likely to be lower by $0.1774, $0.1735 and $0.1421.