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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, emphasizes that this ETF facilitates access to the crypto market for investors. The approval by the Sec should potentially support the long -term growth of Stellar by increasing investor exposure. This could be particularly important because PayPal recently introduced its StableCoin, PayPal USD (PYUSD), on the Stellar network, which indicates growing acceptance.
Market analysis and trade 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.
The key support levels for XLM are located around the 200-day exponential moving average $ 0.340 and at the weekly support level of $ 0.331. If this area of support is kept, XLM could possibly recover in the direction of $ 0.381. Otherwise there would be a risk that the price will fall on the low of July 11th at $ 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.