Can key stellar news help reverse a bearish log?
Stellar (XLM) price was trading around $0.10 on Friday, down 7% and 15% over the past 7 and 30 days, respectively. The Stellar Development Foundation has partnered with Sartora to improve Soroban's well-being.
Stellar (XLM) was trading at $0.10 on Friday morning, up 1.3% over the past 24 hours, but -7% and -15% over the past seven and 30 days, respectively. The downtrend since its high above $0.20 on July 13 may now strengthen after XLM broke below the support line of the descending triangle pattern.
The star price provides a key support area
Today's small twist comes after Stellar news regarding Soroban, a WebAssembly (WASM)-powered smart contracts platform. The Stellar Development Foundation has partnered with Certora, a smart contracts auditing platform, to boost ecosystem security for Soroban.
Product update! Today, @CertoraInc and @StellarOrg have partnered to develop @SorobanOfficial, Stellar Network's smart contract platform with state-of-the-art security validation.
Why is this important? It strengthens the foundation of blockchain security, ensures trust…
— Stellar (@StellarOrg) October 11, 2023
Stellar announced a testnet for its smart contracts platform in September. While the advance coincided with a $0.12 high for XLM, the overall picture is bullish.
As shown in the daily chart below, XLM price has failed to break above the descending triangle resistance line since July's downward reversal. The bearish outlook remains and could strengthen as bulls struggle to keep prices above $0.10.
Star price chart. Source: TradingView
While the $0.11 area is now the new supply zone, sellers controlling below this horizontal line will see a possible move to $0.09 and even $0.07. The technical picture on the chart is that both daily RSI and MACD suggest that sellers are holding the advantage.
Can bulls regain control?
XLM price should see a continued push from current levels to the downtrend line and possibly push higher to reverse a higher breakout. If XLM breaks above $0.13, buyers can target the delivery time wall around $0.16.
