HomeAltcoin NewsStellar Lumen (XLM) Price Nosedives Below $0.075, More Losses Possible

Stellar Lumen (XLM) Price Nosedives Below $0.075, More Losses Possible

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  • Stellar lumen price topped near the $0.0888 area and declined heavily against the US Dollar.
  • XLM price broke a few key supports near $0.0800 to enter a bearish zone.
  • There was a break below a major bullish trend line with support near $0.0752 on the 4-hours chart (data feed via Kraken).
  • The pair even broke the $0.0700 support area and it is currently consolidating losses.

Stellar lumen price is trading in a bearish zone against the US Dollar and bitcoin. XLM could continue to move down if it fails to recover back above $0.0780.

Stellar Lumen Price Analysis (XLM to USD)

After a strong upward move, stellar lumen price failed to continue higher above the $0.0888 level against the US Dollar. The XLM/USD pair formed a short term top and recently started a sharp decline below $0.0800.

There was a break below the $0.0780 support area and the 55 simple moving average (4-hours). It opened the doors for more losses and the price even broke the $0.0700 support area.

A swing low is formed near $0.0669 and the price is currently consolidating losses. An initial resistance is near the $0.0720 level. It coincides with the 23.6% Fibonacci retracement level of the recent decline from the $0.0888 high to $0.0669 low.

Besides, the broken bullish trend line might act as a key hurdle for the bulls near the $0.0750 level. The next resistance is seen near the $0.0760 level and the 55 simple moving average (4-hours).

To move into a positive zone, stellar price must move back above the $0.0780 and $0.0800 resistance levels. The 50% Fibonacci retracement level of the recent decline from the $0.0888 high to $0.0669 low is also near the $0.0780 level.

If not, the price is likely to continue lower below the $0.0700 and $0.0680 levels. On the downside, the first key support is seen near the $0.0650 level. If the bulls fail to defend the $0.0650 support, there is a risk of a larger decline below the $0.0620 support area in the near term.

Stellar Lumen Price
Stellar Lumen Price

The chart indicates that XLM price is back in a negative zone below the $0.0750 level. If there is a clear break below the $0.0650, the bears are likely to take control. They might even target a test of the $0.0600 zone in the coming sessions.

Technical Indicators

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

4 hours RSI – The RSI for XLM/USD is now well below the 50 level.

Key Support Levels – $0.0680 and $0.0650.

Key Resistance Levels – $0.0760, $0.0780 and $0.0800.

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.

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