Stellar Price Drops Over 6%, Nears Key Support Level
Stellar (XLM) price fell more than 6% on Thursday. It now trades around $0.354 as of Friday. This drop happened despite the US Securities and Exchange Commission (SEC) approving the Hashdex Nasdaq Crypto Index US ETF. The ETF includes major cryptocurrencies like Bitcoin, Ether, XRP, Solana, and Stellar. The price is close to an important support zone. Technical signs show traders are becoming more bullish, which could lead to a rebound.
US SEC Approves Hashdex Nasdaq Crypto Index US ETF Expansion
Hashdex Asset Management and Nasdaq Global Indexes announced the expansion of their crypto ETF. The Hashdex Nasdaq Crypto Index US ETF (NCIQ) now includes Ripple (XRP), Solana (SOL), and Stellar (XLM). This follows the SEC’s approval to add assets beyond Bitcoin and Ethereum. The ETF offers investors broader access to the crypto market.
Marcelo Sampaio, Co-Founder and CEO of Hashdex, said the ETF gives investors an easy way to invest in five leading crypto assets in one product. The SEC approval may support long-term growth for Stellar by increasing investor exposure.
Stellar’s ecosystem is also growing. Last week, PayPal launched its stablecoin, PayPal USD (PYUSD), on the Stellar network. This shows Stellar’s rising use in real-world payments.
On the trading side, Stellar shows signs of recovery. The long-to-short ratio for XLM is rising, indicating more traders expect the price to go up.
Stellar Price Outlook: Key Support Could Trigger Rebound
Stellar price dropped 11.5% after hitting resistance on September 18. It now trades near $0.354. If XLM holds support near the 200-day Exponential Moving Average at $0.340, it could rise toward $0.381.
The Relative Strength Index (RSI) is at 39, below the neutral 50 level. This shows bearish momentum. For a sustained rally, RSI must rise above 50.
If XLM breaks support at $0.331, it may fall further toward the July 11 low of $0.297.
