Stellar Lumens (XLM) Price Analysis: Overall Downtrend Market Brings XLM To Support Level Of $0.050

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • XLM is suffering major price corrections due to the overall downtrend in the cryptomarket. 
  • Currently, it is facing an overall loss of -10.82%. 

Capture
Source: Coinmarketcap

As reflected in the pricing graph, XLM is having a significant bearish movement in today’s market. The altcoin broke down the crucial level of $0.060. The downtrend is so significant that it has brought the crypto assets to the major support level of $0.050.

XLM, somehow, had the support at the price level of $0.051 and went up to the price level of $0.053. However, the overall market forces pushed XLM down to the major support level of $0.050.

The ongoing current downtrend in the market has brought the majority of the coins to their lowest possible level for the year. The XLM/BTC pair is also facing an overall loss of -1.26% with the level of 0.00000644 BTC.

Stellar Lumens Technical Analysis 

Screenshot (58)
Source: Tradingview

In the stellar price graph, the parabolic curve reflects on the bullish momentum XLM had from the starting of the year which is followed by the ongoing downtrend. XLM was making price recovery from the starting of this month however the immense downfall in today’s market has brought back the bears again.

The technical indicators and oscillators suggest that the crypto market will see the color of red in upcoming days for XLM.

The MACD levels are again brought back to the bearish zone after reaching the bullish region through lots of efforts.

The 24hour- RSI was in the oversold region but had a positive divergence to the normal region. Still, it is unsuccessful in reaching the normal zone and is at the bearish level of 30.

The 24hour-CCI touched the depth of the oversold region. This indicates that the magnitude of the downfall may increase for the altcoin in upcoming days. However, CCI is still approaching to reach the normal region.

Resistance level: $0.055 and $0.058

Support level: $0.051 and $0.050

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