XLM Price Prediction for May 23

Bearish Sentiment Grips Crypto Market After Brief Upswing

After a few days of market growth, bears are now trying to seize the initiative, according to industry analysts. The rate of XLM, a popular cryptocurrency, has dropped by 3.41% since yesterday, signaling a potential shift in market sentiment.

On the hourly chart, the price of XLM has established local support at $0.2918. However, if selling pressure persists and the daily bar closes significantly below that mark, the decline could test the $0.2850 zone.

On the broader time frame, XLM's price is declining after a false breakout of the $0.3079 resistance level. Traders are closely watching the situation, as a close below yesterday's candle low could trigger a test of support by week's end.

From a midterm perspective, analysts are monitoring whether the price closes below the $0.2813 support level. A break below this point could extend the downward movement toward the $0.25 range.

As of now, XLM is trading at $0.29, reflecting the current bearish trend in the cryptocurrency market.