HomeAltcoin NewsStellar Lumen (XLM) Price Turns Bearish And Likely To Break $0.062

Stellar Lumen (XLM) Price Turns Bearish And Likely To Break $0.062

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  • Stellar lumen price failed to stay above the $0.0750 support and declined recently against the US Dollar.
  • XLM price is currently declining and trading well below the $0.0700 pivot level.
  • There is a key bearish trend line forming with resistance near $0.0720 on the 4-hours chart (data feed via Kraken).
  • The pair remains at a risk of more losses below the $0.0620 and $0.0600 support levels.

Stellar lumen price is now back in a bearish zone below $0.0700 against the US Dollar, similar to bitcoin. XLM price is likely to accelerate lower below $0.0620.

Stellar Lumen Price Analysis (XLM to USD)

In the past few days, stellar lumen price started a steady decline from the $0.0850 resistance against the US Dollar. The XLM/USD pair broke many key supports near the $0.0750 level to move into a bearish zone.

Besides, the price broke the $0.0700 support and settled below the 55 simple moving average (4-hours). During the decline, there was a break below a couple of bearish continuation pattern near $0.0755 and $0.0715 on the 4-hours chart.

The decline was such that the price traded as low as $0.0669. It is currently consolidating losses and it might correct high above $0.0680. An initial resistance is seen near the $0.0700 level.

The 50% Fibonacci retracement level of the recent decline from the $0.0748 high to $0.0669 low is also near the $0.0700 level. The next key resistance is near the $0.0720 level. There is also a key bearish trend line forming with resistance near $0.0720 on the same chart.

The trend line coincides with the 61.8% Fibonacci retracement level of the recent decline from the $0.0748 high to $0.0669 low. Therefore, the price might struggle to clear the $0.0700 and $0.0720 resistance levels.

A clear break above the $0.0720 resistance might lead the price towards the $0.0750 resistance. Conversely, the price could fail to correct above $0.0720 and it might continue to decline. The main supports are near the $0.0620 level, below which the price could even trade below the $0.0600 support.

Stellar Lumen Price
Stellar Lumen Price

The chart indicates that XLM price is clearly gaining bearish momentum below the $0.0700 level. It seems like the bears are aiming more losses towards the $0.0600 level or even $0.0580.

Technical Indicators

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

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

Key Support Levels – $0.0620 and $0.0600.

Key Resistance Levels – $0.0700, $0.0720 and $0.0750.

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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