Stellar (XLM) continues its price correction, trading below $0.167 on Thursday after rejection at a key level. Derivatives data signals weakness with rising short bets and falling open interest, reflecting a bearish sentiment. The technical outlook suggests further downside potential, with bears aiming for lower lows, potentially targeting the 2025 yearly low.
Stellar price extends the correction on Thursday after a rejection at the previously broken trendline. Derivatives data indicates weakness, as short bets are rising alongside falling open interest.The technical outlook suggests bears are still in control, aiming for a deeper correction.
Stellar price is extending its correction, trading below $0.167 at the time of writing on Thursday after being rejected at a key level. The derivatives data shows signs of weakness, with XLM’s short bets rising amid falling Open Interest . On the technical side, bears remain in control, aiming for lower lows in XLM.XLM’s derivatives data shows bearish biasCoinGlass’s XLM long-to-short ratio stands at 0.85 on Thursday, nearing the lowest value in a month. This ratio, below one, reflects bearish sentiment in the markets, as more traders are betting on the asset price to fall.XLM long-to-short ratio chart. Source: CoinglassIn addition, Stellar’s futures OI dropped to $95 million on Thursday, the lowest level since November 2024, and has been steadily falling since the start of this year. This drop in OI reflects waning investor participation and projects a bearish outlook.XLM open interest chart. Source: CoinglassStellar Price Forecast: XLM extends correction after closing below key supportStellar price declined more than 13% last week, closing below the lower trendline of the falling wedge pattern on Saturday. XLM has been rejected around this broken trendline through Wednesday, extending losses to over 5%. As of Thursday, XLM is trading at $0.169.If XLM continues its correction, it could extend the drop toward the 2025 yearly low of $0.160, set on October 10.The Relative Strength Index reads 26 on the daily chart, an oversold condition, indicating strong bearish momentum. The Moving Average Convergence Divergence also showed a bearish crossover in mid-January, which remains intact with rising red histogram bars below the neutral level, further supporting the negative outlook.XLM/USDT daily chartOn the other hand, if XLM recovers, it could extend the advance toward the lower trendline boundary at around $0.180. Related news Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP extend free fall amid broad market sell-off Bitcoin Price Forecast: BTC steadies as bears shift focus toward $70,000 Shiba Inu Price Analysis: Bearish trend persists as sentiment remains mixed
Stellar XLM Price Correction Bearish Derivatives Open Interest
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