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XLM downtrend continues, short contracts surge. Can the $0.20 support hold?
【Crypto World】The market as a whole is rebounding, but XLM is bucking the trend under pressure. The price of this Stellar ecosystem token has already fallen below the $0.22 mark, with a modest decline but a clear trend.
From the derivatives perspective, the situation is even more concerning. Open interest has surged to $112 million, with a long-short ratio of only 0.91—indicating that bears are clearly in the lead. This suggests that traders are generally bearish and are increasing their short positions.
On the technical side? The support level is right at $0.20. If it can't hold, the next target could be $0.16, which is the lowest point this year. The upcoming few days' movement will need close monitoring.