Stellar (XLM) price remains in a bearish technical position, trading near $0.163 below key resistance levels. Momentum indicators like the RSI at 39.46 and a negative MACD show continued weakness. However, long-term sentiment received a boost from news that Bermuda plans to build its entire economy on the Stellar Development Foundation blockchain, aiming to digitize government and financial systems.
Stellar (XLM) price is bearish, trading below the Ichimoku cloud and key moving averages around $0.167. The price is consolidating between $0.15 and $0.16 after a decline from higher levels.
A breakout above $0.167 could target resistances at $0.183 and $0.199, according to technical charts. Failure to hold $0.15 support may lead to a test of lower levels near $0.13.
The weekly RSI reading of 39.46 signals weak momentum and continued bearish pressure. The MACD shows early signs of stabilization but remains in negative territory.
Despite the weak price action, Bermuda will introduce the world’s first economy built entirely on blockchain using Stellar. The project aims to digitalize payments, payroll, government fees, and tokenized assets.
This initiative is seen as a major step for global blockchain infrastructure adoption. It is expected to place the Stellar Development Foundation platform in the spotlight for governmental use.
