Aliens TLDR

The latest selling spree has set up a bearish structure for XLM.

After a liquidation streak, the recent bearish phase saw a drawdown from this mark after an over 45% weekly decline towards its 17-month low on 12 May. With the current structure exhibiting bearishness, the bulls need to make extraordinary efforts to halt the ongoing selling momentum.

The current bearish pennant setup could play spoilsport for recent buying endeavours.

The investors/traders must watch out for a break beyond the current bounds to enter either buy/sell calls.

Looking at the prevailing bearish pattern coupled with weak buying volumes, sustaining a rally for the bulls would be relatively tougher.