Stellar Stands Firm at $0.22 Despite Intraday Drop

XLM has pulled back to $0.22 after a 2.77% intraday drop, but the technicals suggest this is not a reason for concern.

The Stellar price is currently above its moving averages, which indicates that it has support from the past few months.

However, momentum has stalled at the Bollinger Band upper ceiling at $0.24, and the MACD histogram has printed zero, meaning there's no bullish conviction to push through resistance.

The derivatives market is showing a 9% surge in open interest, with smart money accounts positioned long at 68.2%, indicating they're expecting a move higher.