XLM Needs to Reclaim Key Levels for Bullish Turnaround

The cryptocurrency market saw a decline in the past 24 hours, with Bitcoin and Ethereum falling by 3.0% each.

This is part of a longer-term trend where seller-dominated price action has been prevalent among major cryptocurrencies.

XLM also experienced a drawdown, shedding 6% over the past week and trading below a vital support level.

The altcoin had previously seen a sharp rally in May, reaching from $0.139 to $0.298 in just one week, establishing a bullish swing structure.

However, this move was not convincingly cleared, with the $0.26-$0.27 supply zone remaining intact.