Stellar Lumens (XLM) Price Analysis: Stellar Price Breaks $0.040 Mark Indicates Major Bearish Momentum

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.
  • Lumens Price is suffering major price corrections due to the overall downtrend in the cryptomarket.
  • Currently, it is facing an overall loss of -5.78%.

Capture
Source: Coinmarketcap

XLM is having a significant bearish movement in today’s market. The altcoin broke down the crucial level of $0.040. The downtrend is so significant that it has brought the cryptoasset to the major support level of $0.038.

XLM, somehow, had the support at the price level of $0.037 and went up to the price level of $0.039. However, the overall market forces pushed stellar down to the major support level of $0.037.

The ongoing current downtrend in the market has brought the majority of the coin to its lowest possible levels for the year again. The XLM/BTC pair is, however, having a minor positive movement of 0.30% with a level of 0.000000630 BTC.

Stellar Lumens Technical Analysis

Screenshot (124)
Source: Tradingview

The stellar coin price chart reflects on the downtrend of the altcoin which has become more significant in 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 going back to the bearish zone after reaching the bullish region through lots of efforts. Also, there is still a bearish cross noticed which can be an indication of upcoming price corrections for the cryptoasset in the market

The 24hour- RSI was in the overbought region but had a negative divergence to the depth of 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 height of the overbought region. However, a sharp negative divergence indicates that the magnitude of the downfall may increase for the altcoin in upcoming days. However, CCI has sustained the normal region.

Resistance level:  $0.040 and $0.045
Support level: $0.038 and $0.037

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