Stellar Lumens (XLM) Price Analysis: Price Recovery Didn’t Last Long For Stellar Price

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, Stellar Lumen’s price is facing an overall loss of -2.62%.

XLM

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, however, having a minor positive movement of 0.23% with the level of 0.000000650 BTC.

Stellar Lumens Technical Analysis

XLM (2)
Source: Tradingview

The stellar coin price chart reflects on the downtrend of the altcoin which has become more significant this month due to overall market conditions. The graph also suggests that XLM has tried to maintain its sustainability at different support levels but failed due to the overall bearish movement in the market.

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. However, there is still a bullish cross noticed which can be an indication of upcoming price recovery for the crypto assets in the market

The 24hour- RSI was in the oversold region but had a positive divergence to the normal region and reached the level of 40. A positive reach to the neutral level of 50 will put the altcoin into a safe spot but RSI is still showing down-trending nature.

 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 has reached the normal region.

Resistance level:  $0.055 and $0.058

Support level: $0.051 and $0.050

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