Stellar Lumen Price Slumps as Double Top Plays Out

Stellar Lumens (XLM) has confirmed a double top formation on multiple timeframes, indicating a bearish tone for the asset.

The price setup is consistent with analyst Crypto With Gopal's observation of a double top at $0.182, which led to a retest of the $0.178 support zone.

XLM has found itself back at the Fibonacci Retracement level, where long-term bulls are trying to defend the major demand territory at $0.172.

However, derivatives data shows that XLM's bulls have taken a beating, with a $401K deficit in liquidations compared to short-sellers' losses of just over $7K.