Stellar (XLM) traded around $0.10 on Friday morning, showing positive progress of 1.3% in the past 24 hours but failing to break away from the downward trend of the past 7 and 30 days. This trend, which has held since July 13th when XLM hit a high of $0.20, could now be strengthened after it broke below the support line of a descending triangle pattern.

Today’s slight upside comes after Stellar news regarding its Soroban, a WebAssembly (WASM)-powered smart contracts platform. The Stellar Development Foundation was partnered with smart contracts audit platform Certora to improve security for Soroban. This follows the testnet for the smart contracts platform, announced in September, which saw a brief spike in the price of XLM to above $0.12.

Looking at the daily chart, it’s clear that XLM has failed to break above the downtrend resistance line of the descending triangle since July’s downward flip. This bearish outlook remains, and could be further strengthened if bulls struggle to keep prices above $0.10.

The $0.11 area is now the new supply zone, and if XLM falls beneath this, sellers may be looking to push the price to $0.09 or even $0.07. The technical picture on the chart has both the daily RSI and MACD suggesting that sellers hold the advantage.

In order for the XLM price to see a sustained push and a bullish flip, it will need to rise above $0.13, targeting the immediate term supply wall around $0.16.