Stellar’s Decline: XLM Drops 6% Amid Integration with Rain

Despite a significant drop in the value of XLM, the integration with Rain indicates positive advancements towards broader acceptance.

Key Points:

Stellar’s native token XLM saw a 7% decrease in the last 24 hours, driven by high trading volumes.
This price drop occurred alongside Rain’s announcement of support for the Stellar network, in addition to Solana and Tron.
Technical assessments reveal that XLM-USD faced turbulent trading, identifying resistance at $0.280 and support between $0.270-$0.271.

Market Overview:

In the last day, Stellar’s token, XLM, fell amidst broader market declines. Large volumes were observed, particularly around midnight. XLM plummeted 7%, falling from $0.288 to $0.271, with unusually high selling activity. Notably, the downturn echoed patterns seen in XRP, a cryptocurrency aimed at facilitating payments.

Even with this downturn, the collaboration with Rain marks an encouraging milestone toward mainstream usage, enabling transactions using stablecoins within these efficient networks for everyday use.

Technical Analysis:

XLM-USD reported a substantial 7% fall, descending from $0.288 to $0.271.
High trading activity peaked at 76.9 million at midnight, indicating significant resistance at $0.280.
There was considerable buying pressure identified at $0.270-$0.271, suggesting a robust support zone.
A momentary recovery began around 09:43, forming an upward channel, although selling pressure soon returned.
Trading was volatile in the final hour, with XLM price fluctuating near $0.270 and slightly recovering to $0.273 before tapering back to $0.271 with notable volume.

Conclusion:

Despite the unfavorable price movement, Stellar’s partnership with Rain presents a potential opportunity for growth within the cryptocurrency landscape. Users can utilize stablecoins in daily transactions, enhancing overall adoption.