Stellar's XLM Price Faces 2018 Resistance as Market Dumps $495 Million

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Read U.TODAY on Google News As the broader crypto market faces renewed selling pressure, analysts are zooming out on various crypto assets to determine their price outlook. Advertisement In the case of Stellar (XLM), which is down 8% in the last 24 hours to $0.276, the bullish outlook looks to be tempered as the crypto asset faces unseen resistance dating back to 2018. The $0.55 mark has long been a pivotal resistance level for Stellar, having served as a major hurdle for nearly seven years. According to Ali , a crypto analyst, Stellar (XLM) faces a major resistance barrier at $0.55, a key level that has held strong since 2018. HOT Stories Fed's Jerome Powell Drops Insight; Here's How Crypto Market Reacted 15,566,450 SHIB at One Go: What Happened? Binance's CZ Teases Important Pascal Hardfork That Will Boost BNB Chain Peter Schiff Creates His Own BTC Reserve, Receives Solana Instead #Stellar $XLM faces a major resistance barrier at $0.55, a key level that has held strong since 2018! pic.twitter.com/qGB2uKFfck — Ali (@ali_charts) March 8, 2025 Sell walls can create hurdles for price rallies, as market participants recognize the psychological and historical significance of the level, necessitating strategic accumulation by large holders or strong market catalysts to overcome them. Advertisement Related Fri, 03/07/2025 - 13:15 XRP Rival Stellar (XLM) Sees 12% Surge in Volume, Price to Follow? Godfrey Benjamin XLM's resurgence in early December 2024 was met with selling at the $0.55 mark, after which Stellar declined to trade in a range. Stellar fell to the lower end of this range after losing the daily SMA 50 at $0.351 in late January and is now trading between its daily moving averages of 50 and 200 at $0.355 and $0.26. Crypto market sees sell-off Cryptocurrencies extended their sell-off into Saturday, with Bitcoin (BTC) falling below $86,000 as traders considered macroeconomic concerns and that the much-anticipated Crypto Summit on Friday did not yield a major announcement for cryptocurrencies. Related Sat, 03/08/2025 - 14:12 Fed's Jerome Powell Drops Insight; Here's How Crypto Market Reacted Tomiwabold Olajide Bitcoin is down for the second day, falling 3.38% in the early Saturday session. Altcoins experienced significantly larger declines during the same period, with practically all crypto assets in the top 100 save stablecoins in the red. Ethereum (ETH) traded near $2,128 and was down 2.95%; XRP, like XLM, was down 8%, while Solana (SOL), Dogecoin (DOGE), Cardano's ADA and Chainlink's LINK all lost 4% to 10%. The declines resulted in nearly $493 million in liquidations of leveraged derivatives trading positions across all crypto assets, according to CoinGlass data; $317 million of bullish bets were liquidated during the time frame, while $154 million of short positions were wiped out. #Stellar News #XLM