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Stellar (XLM) is stagnating: Is the bullish flag pattern losing its validity?
Stellar (XLM) had an impressive July with a 71% increase. However, in the past 7 days, this coin has fallen nearly 12%, and the technical chart is showing less optimistic signals.
On the two-day chart, the price of XLM initially broke out of the bullish flag pattern – a continuation pattern that often signals the next upward trend. However, the subsequent candles mostly turned red. Without additional buying pressure, this breakout may be weakening.
Net cash flow: The only driving force is weakening
The net flow of funds on exchanges plays an important role in the recent increase of XLM. Earlier this month, the amount of coin withdrawn from the exchange exceeded the amount deposited, reducing the circulating supply and driving the price increase.
Weak cash flow raises concerns
The trading volume data over the two-day timeframe further reinforces this weakening momentum. The On-Balance Volume (OBV) indicator – which tracks the accumulation of buying and selling pressure – is showing a downward trend, despite the fact that the price of XLM has broken out of the technical pattern. This indicates that large investors are not participating in buying strongly or decisively.
XLM is still on the flag pattern, but the** invalid threshold is clear
Currently, the price of XLM is still holding above the breakout line of the bull flag pattern, trading around $0.41. However, the upward momentum is very fragile. If the price falls below $0.41, XLM will revert back inside the pattern. If it continues to break below the $0.35 mark, nearly half of the 133% increase that formed the "flagpole" earlier will be erased – thus rendering this breakout pattern ineffective.
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