- Stellar (XLM) price was changing hands around $0.10 on Friday, down 7% and 15% in the past 7 and 30 days respectively.
- The Stellar Development Foundation has teamed up with Certora to boost security for Soroban.
Stellar (XLM) price traded around $0.10 on Friday morning, positive by about 1.3% in the past 24 hours but -7% and -15% in the past seven and 30 days respectively. The downward trend that has held since the flip from highs of $0.20 on July 13 could now strengthen after XLM broke below the support line of a descending triangle pattern.
Stellar price gives up key support area
Today’s slight upside comes after Stellar news regarding its Soroban, a WebAssembly (WASM)-powered smart contracts platform. The Stellar Development Foundation has teamed up with smart contracts audit platform Certora to boost ecosystem security for Soroban.
Product update! Today, @CertoraInc & @StellarOrg have teamed up to boost @SorobanOfficial, the Stellar network's smart contract platform, with cutting-edge formal security verification.
Why is this important? It fortifies the foundation of blockchain security, ensuring trust…
— Stellar (@StellarOrg) October 11, 2023
Stellar announced a testnet for the smart contracts platform in September. While the development coincided with a spike to above $0.12 for XLM, the overall picture since has been one of struggle for bulls.
As can be seen on the daily chart below, the XLM price has failed to decisively break above the downtrend resistance line of a descending triangle since July’s downward flip. The bearish outlook remains and could strengthen as bulls struggle to keep prices above $0.10.
Stellar price chart. Source: TradingView
While the $0.11 area is now the new supply zone, sellers taking control beneath this horizontal line has them eyeing the potential dip to $0.09 and even $0.07. The technical picture on the chart has both the daily RSI and MACD suggesting sellers hold the advantage.
Can bulls retake control?
XLM price will need to see a sustained push from current levels towards the descending trendline and possibly break higher to flip bullish. If XLM breaks above $0.13, buyers might target the immediate term supply wall around $0.16.