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Stellar Lumens (XLM) Price Analysis: Bears Enforced XLM Price To Reach Support Of $0.035

  • XLM is suffering major price corrections due to the overall downtrend in the cryptomarket. 
  • Currently, it is facing an overall loss of -4.78%. 

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 $0.037. The downtrend is so significant that it has brought the cryptoasset to the major support level of $0.035.

XLM, somehow, had the support at the price level of $0.035 and went up to the price level of $0.039. 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 having negative movement of -3.48% with the level of 0.000000673 BTC.

Stellar Lumens Technical Analysis 

Screenshot (85)
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 Stellar 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.

The 24hour- RSI is again showing bearish nature which is not a positive sign for the altcoin. A break below the level of 40 will provide more bearish momentum.

The 24hour-CCI touched the oversold region. After reaching the normal region after a positive divergence from the negative zone there was some positive movement for the cryptoasset. However, CCI has reached the normal region but still showing downtrending nature.

Resistance level: 

$0.040 and $0.045

Support level: $0.035 and $0.030

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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.

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