web3: XLM falls below multiple moving averages, short-term remains under pressure

XLM is currently hovering around $0.16, with its short-term trend still on the weak side. Although the perpetual contract funding rate has turned positive—indicating some traders are still maintaining long positions—the long-short ratio and spot versus futures trading data have not improved in tandem, leaving overall market sentiment divided.

Long-short positions still skewed towards shorts

CoinGlass data shows XLM's long-short ratio has dropped to 0.92, close to a one-month low. A value below 1 means there are more short positions than long ones, reflecting that the market still expects further downside.

Meanwhile, XLM’s funding rate has risen to 0.0092%. A positive funding rate usually means that in the perpetual contracts market, longs are willing to pay costs to keep their positions, suggesting that there are still some capital betting on a rebound.

Spot and futures data show no clear signs of strengthening

CryptoQuant data indicates that XLM is still dominated by selling in both the spot and futures markets, with no clear shift in the overall trading structure. The article also notes that increased large whale limit orders have added uncertainty to short-term volatility.

Looking at the overall data, sellers currently still hold the initiative. Even though market sentiment has recovered slightly compared to before, it is not enough to indicate that XLM has exited its weak range.

Major resistance lies between $0.176 and $0.190

From a technical perspective, XLM remains below its three key exponential moving averages. The 50-day average is at $0.176, while the 100-day and 200-day averages are at around $0.180 and $0.190, respectively.

This means that the $0.176–$0.190 range forms a dense resistance zone above. If the price cannot reclaim this range, it will be difficult for the short-term weakness to reverse.

On indicators, XLM’s RSI is near 33, approaching the oversold area; MACD remains in negative territory. A low RSI may support a technical rebound, but this alone is not sufficient to confirm that the price has bottomed out.

If XLM first breaks through the $0.176–$0.177 level, selling pressure may ease somewhat, and the market will then pay attention to whether it can go further to test $0.180 and $0.190. If it continues to lose hold of the current range, the next significant support is near $0.142.