Stellar Lumens Holds Double Bottom, But Bulls Face Resistance

Stellar Lumens (XLM) is showing signs of a double bottom on its 15-minute charts, according to Crypto With Gopal. This technical analysis suggests that XLM's price may be poised for a rebound, with two strong reactions around the $0.17 support floor.

The Bollinger Bands hint at $0.17155 as the breakout level for bulls to achieve dominance, but the SuperTrend is providing resistance. The SuperTrend is typically indicated by a red color when it signals a change in price trend, and in this case, it's suggesting that XLM's price may be stuck.

The Chaikin Money Flow (CMF) index is also worth noting, as it measures the sentiment of big-time Stellar Lumens investors. The CMF index has been dwelling in negative figures, ranging from -0.11 on smaller time-frames to -0.31 on the monthly one. This suggests that crypto whales are not buying into XLM's double bottom yet.

Derivatives markets are also reflecting this pattern, with a 0.95 long versus short ratio in Futures contracts on Stellar Lumens (XLM). The short-selling market participants incurred a deficit of $4.57K, as opposed to $48.10K in long XLM price liquidations.