XLM’s daily structure remains bearish, with $0.150 emerging as the immediate level separating stabilization from another potential decline. Negative funding and long-heavy liquidations indica
Stellar’s XLM approached $0.15 on November 6 after a prolonged decline, with derivatives data pointing to growing pressure on leveraged buyers as the token struggled to defend its latest support area.
At the time of writing XLM trades at $0.154 on Coinbase, approximately 34% below its late-September high. The decline has unfolded through successive lower highs, suggesting that the latest market-wide selloff intensified an existing downtrend rather than initiating it.
The broader retreat in technology stocks and cryptocurrencies has weakened risk appetite, but the clearest evidence of XLM’s immediate vulnerability comes from its daily price structure and derivatives positioning.
XLM recently broke below a descending support line connecting its late-October and early-November lows. The November 6 session produced an intraday low near $0.152 before buyers attempted a modest recovery.
Stellar tests critical support near $0.15 as its downtrend persists. Chart: Alexander Zdravkov/TradingView.
The token remains below its 50-day, 100-day and 200-day simple moving averages. Those indicators form an overhead resistance cluster, leaving considerable distance between the current price and a meaningful recovery of the broader trend.
Momentum provides little evidence of an established reversal. The 14-day Relative Strength Index stood at 34.58, below its signal average of 36.24, with no confirmed bullish divergence visible on the supplied chart.
The immediate issue is whether buyers can defend the horizontal support area that previously attracted demand in August.
A daily close below $0.150 would establish a fresh local low. However, a temporary breach followed by a recovery above that threshold would carry a different interpretation, potentially indicating that sellers failed to sustain the breakdown.
The following levels distinguish a short-term recovery from a more substantial change in market structure.
STELLAR / XLM/USD Three Price Scenarios Daily chart · November 6, 2026 BEARISH BREAKDOWN Below $0.150 Trigger: A confirmed daily close below support. Next reference: $0.140, an illustrative downside level rather than verified historical demand. Approx. downside from $0.154881: 9.6% INITIAL RECOVERY Above $0.170 Trigger: A daily close above nearby lower-high resistance. Implication: Weakens the immediate bearish structure without confirming a broader reversal. Approx. upside from $0.154881: 9.8% STRONGER REVERSAL $0.183–$0.191 Trigger: Price reclaims the major moving-average resistance cluster. Implication: Improves the broader trend structure, subject to a successful retest. Approx. upside to $0.183: 18.2% Source: TradingView, Coinbase XLM/USD daily chart, November 6, 2026, 15:02 UTC. Percentage distances use $0.154881 as the reference price. Scenarios are conditional, not forecasts.The chart presents an asymmetric technical challenge. XLM has room for a short-term rebound without necessarily reversing its broader decline, while a failed defense of the current support area could leave buyers searching for demand at lower prices.
The distinction between a temporary recovery and a genuine trend reversal is particularly important given the weakness visible in derivatives positioning.
The derivatives market indicates that recent selling has disproportionately affected leveraged long positions.
According to TradRadar’s November 6 market snapshot, approximately $1 million in XLM positions were liquidated over 24 hours across five tracked exchanges, with the majority attributed to longs.
The same source reported an open-interest-weighted funding rate near -0.0064% per eight hours, suggesting that short positioning had become more expensive relative to longs across the tracked perpetual markets.
Binance’s historical funding records also showed a negative XLMUSDT settlement of -0.0140% at 00:00 UTC on November 6, following earlier positive readings.
Despite the shift in funding, account positioning had not turned decisively bearish. TradRadar reported a long-to-short account ratio near 2.00 across four exchanges, indicating approximately twice as many long accounts as short accounts.
This imbalance can leave the market vulnerable if prices continue declining. However, account ratios do not reveal the relative size of positions, so they cannot independently establish whether aggregate leveraged exposure is predominantly long.
The separate open-interest snapshot supplied for this analysis showed $88.6 million outstanding, down 0.85% over 24 hours. Binance and Bybit accounted for approximately 73% of that total.
The combination of falling prices, reduced open interest and long-heavy liquidations is consistent with leveraged positions being unwound. It does not prove that fresh short selling is the primary force behind the decline.
A further distinction concerns spot-market participation. Without comparable spot and perpetual trading-volume data from the same period, it is not possible to determine whether unleveraged buyers are absorbing the selling or whether activity is contracting across both markets.
The next directional move will depend on whether XLM can rebuild demand after the latest liquidation pressure.
An improving setup would combine higher daily lows with stabilizing funding and renewed open interest. That would suggest participation returning as the price structure strengthens, rather than a rebound driven solely by traders closing short positions.
A continued decline accompanied by expanding open interest would carry a different implication, particularly if funding remained negative. It could indicate new speculative positions entering the market as sellers push prices lower.
Stellar’s underlying network activity provides a separate measure of ecosystem health. The official Stellar dashboard tracks network operations, but no verified change in active accounts, transaction activity or decentralized exchange volume has been established as the cause of the current market decline.
The most immediate evidence remains concentrated in XLM’s price structure and derivatives data. Buyers have absorbed substantial pressure, but they have not yet established the higher lows and resistance break needed to challenge the prevailing downtrend.
For now, the $0.150 area is the dividing line between a possible stabilization attempt and another leg lower.
The post Stellar Price Tests $0.15 as XLM Long Liquidations Mount appeared first on ETHNews.
