Stellar XLM Struggles as Selling Pressure Mounts

Stellar has hit a rough patch recently. The token dropped 16 percent over the last thirty days as sellers took control of the market. This decline wiped out some of the momentum that built up following the excitement surrounding the partnership with the DTCC earlier this year.

Despite the recent slide, some analysts point out that the daily price structure still shows signs of a long term bullish trend. The market is currently testing these support levels to see if the price can hold or if it will drop further toward lower price zones.

Traders are watching the charts closely to see if the asset can find a bottom soon. If buyers do not step in to defend current price levels, the bearish pressure might force the token into a deeper correction before any recovery begins.