HomeAltcoin NewsStellar Lumen (XLM) Price Is Likely To Resume Decline Below $0.035

Stellar Lumen (XLM) Price Is Likely To Resume Decline Below $0.035

Date:

Related stories

It’s Not Just Degens, Institutions Love Memecoins Too

In a report released by Bybit on June 4,...

Bitpanda and Deutsche Bank Take their Relationship to the Next Level

Bitpanda, one of the leading European crypto trading and...

Solana (SOL) Price Analysis: Dips Attractive Near $135

Solana price started a downside correction from the...
spot_imgspot_img
  • Stellar lumen price started an upside correction after a massive decline below $0.0400 against the US Dollar.
  • XLM price is currently facing a lot of hurdles near the $0.0400 resistance area.
  • There is a major bearish trend line forming with resistance near $0.0400 on the 4-hours chart (data feed via Kraken).
  • The pair is likely to restart its decline if it fails to stay above the $0.0350 support area.

Stellar lumen price is showing a lot of bearish signs against the US Dollar and bitcoin. XLM price is likely to accelerate lower below the $0.0350 level in the near term.

Stellar Lumen Price Analysis (XLM to USD)

This past week, there was a massive decline in stellar lumen price below the $0.0500 support against the US Dollar. The XLM/USD pair even broke the $0.0400 support level and the 55 simple moving average (4-hours) to move into a bearish zone.

The decline was such that the price even broke the $0.0300 support area and traded to a new yearly low at $0.0258. Recently, there was an upside correction above the $0.0300 and $0.0320 levels.

Besides, there was a break above the 23.6% Fibonacci retracement level of the main drop from the $0.0617 high to $0.0258 low. However, there is a strong barrier forming near the $0.0380 and $0.0400 levels.

There is also a major bearish trend line forming with resistance near $0.0400 on the 4-hours chart. The trend line is acting as a strong barrier near the $0.0400 area.

Above the trend line, the next hurdle is seen near the $0.0435 level. It is close to the 50% Fibonacci retracement level of the main drop from the $0.0617 high to $0.0258 low. Therefore, a successful break above the $0.0400 and $0.0420 levels is needed for upside acceleration.

Conversely, the price could start a fresh decline below the $0.0360 and $0.0350 support levels. Any further losses might increase selling pressure below the $0.0320 level. In the mentioned case, the price is likely to visit the $0.0250 support level in the near term.

Stellar Lumen Price Analysis
Stellar Lumen Price

The chart indicates that XLM price is showing a lot of bearish signs below the $0.0380 and $0.0400 resistance levels. Therefore, there is a risk of more losses below $0.0350 and $0.0280.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is currently gaining pace in the bearish zone.

4 hours RSI – The RSI for XLM/USD is now sliding below the 40 level.

Key Support Levels – $0.0350 and $0.0320.

Key Resistance Levels – $0.0400, $0.0420 and $0.0435.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img