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Stellar course crashes by over 6% despite the ETF permit!
Stellar (XLM) falls despite the SEC approval of the hashdex ETFs. Analysts see interest and possible recovery.
Stellar course crashes by over 6% despite the ETF permit!
The Price of Stellar (XLM) has fallen by more than 6% today and stabilizes at around $ 0.354. This decline takes place despite the approval of the Hashdex Nasdaq Crypto Index US ETFs by the US Securities and Exchange Commission (Sec), which includes Bitcoin, Ether, XRP, Solana and Stellar. The approval of the ETF enables assets beyond Bitcoin and Ethereum, which is considered a positive step for the cryptocurrency market.
Marcelo Sampaio, CEO of Hashdex, highlights that this ETF makes it easier for investors to access the crypto market. SEC approval is expected to potentially support Stellar's long-term growth by increasing investor exposure. This could be particularly important as PayPal recently launched its stablecoin, PayPal USD (PYUSD), on the Stellar network, indicating growing adoption.
Market analysis and trading interest
Despite the positive news regarding the ETFS, XLM has experienced a rejection from the upper trend line of a falling wedge pattern and decreased by 11.5% by Thursday. The current decline is happening, while the relative strength index (RSI) for XLM is 39, which indicates a stearish momentum. The RSI would have to increase over 50 for potential recovery. However, there are signs of increasing trade interest: Coinglass reports from a growing ratio of long-to-short to short positions for XLM, which indicates that traders bet on an increase in the price.
Key support levels for XLM are located around the 200-day exponential moving average at $0.340 as well as the weekly support level at $0.331. If this support area is held, XLM could potentially rally towards $0.381. Otherwise, the price would risk falling to the July 11 low of $0.297.
Overall, the market landscape for Stellar and the broad cryptocurrency market remains characterized by regulatory developments and the trade behavior of investors. Observers and investors should follow the next few days carefully to precisely analyze possible trends and price movements.
In summary, the approval of the ETF and the support from large companies such as PayPal shows that there is long-term potential in the Stellar network despite short-term setbacks.