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Stellar Price Analysis: XLM/USD moving within a bearish pennant structure

  • Grayscale, a digital asset management company, announced an introduction of XLM-based investment trust.
  • XLM/USD   price action is moving within a bearish pennant pattern, subject to a potential breakout south.

 

The Stellar Lumens price is seen nursing losses of around 2% on Friday, inline with a soft cryptocurrency market seen across the board. XLM/USD has been a victim of extremely narrow trading for the past eight sessions.

In terms of news flow, a digital asset management organization, known as Grayscale, announced an introduction of XLM-based investment trust. They stated, “We are pleased to bring Grayscale Stellar Lumens Trust to market and will continue to provide investors access to established blockchain projects with substantial traction and resources. Grayscale has established a leadership role in this emerging industry and the launch of this product will expand our coverage of the digital asset universe.”

XLM/USD is moving within a bearish pennant pattern structure, which is subject to a potential breakout to the downside. Currently the price is hugging the lower supporting trend line, tracking at $0.1040-50 area. A breach would invite another wave of selling pressure. To the upside, the above trend line can be observed at $0.1275.

 

XLM/USD daily chart

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