Stellar (XLM) Price Analysis: Bulls Looked Confident For $0.040 Mark But Bears Enforced Movement

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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.
  • Stellar Price is suffering major price corrections due to the overall downtrend in the cryptomarket. 
  • Currently, it is facing an overall loss of -1.78%. 

price
Source: Coin360

As reflected in the pricing graph, XLM is having a cyclic movement in today’s market. The altcoin broke down the crucial level of $0.040. The downtrend is so significant that it can bring the cryptoasset to the major support level of $0.035.

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XLM, somehow, had the support at the price level of $0.035 and went up to the price level of $0.044. However, the overall market forces pushed XLM down to the major support level of $0.039. The market cap is $799,413,749 and volume traded is $341,116,808.

The ongoing current downtrend in the market is again bringing the majority of the coins to their lowest possible level for the year. The XLM/BTC pair is also having negative movement of -0.63% with the level of 0.000000601 BTC.

Stellar Lumens Technical Analysis 

Screenshot (109)
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 nature 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. However, the positive divergence looked strong to reach the normal territory but showing negative nature. This indicates that bears are on the stronger side and XLM can face further downfall.

Resistance level: $0.040 and $0.045
Support level: $0.036 and $0.035

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