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- Stellar Lumens price is facing strong resistance at the price level of $0.040 which is stopping the altcoin to build significant growth in the market.
- It must surge above $0.0.40 or $0.043 to build a bullish momentum in the market.
The recent decline in the price of Stellar from $0.042 to $0.035 has left concerns raised that the bullish momentum for the altcoin is over?
The fail attempt to cross the major mark of $0.040 cost a significant downtrend for stellar lumen with brought the price to the support level of $0.036.
Recently, XLM bulls showed signs of existence by crossing a $0.040 mark a few days back. However, Currently, it is again on the downtrend and facing the loss of -0.87%. The current price is around $0.040 with the market capitalization of $817,436,334,696 and the 24H volume traded is $321,051,923.
Stellar Lumens XLM Price Analysis
The technical charts reflect on the steady bullish movement of XLM which is followed by the sudden decline which is the result of attempting to cross a $0.40 area. We can also observe that the current price is on the support line which favors XLM bulls. Any downfall below $0.038 can result in a major downfall for the cryptoasset.
Fib retracement levels are looking sustainable at the level of 0.386. An upward break in the level will provide positive momentum to the altcoin.
The symmetric triangle is yet to be broken significantly. A positive or negative break will act likewise.
The RSI is reaching the level of 50 which is a positive indication for XLM bulls.
CCI also had a negative divergence from the overbought region to the positive region now. Overall, the technical indicators favor a bullish movement from here.
Resistance Levels: $0.0735 and $0.0800
Support Levels: $0.0680 and $0.0650
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
