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- Stellar Price is suffering major price corrections due to the overall downtrend in the cryptomarket.
- Currently, it is facing an overall loss of -3.00%.
As reflected in the pricing graph,Stellar Price XLM is having a significant bearish movement in today’s market. The altcoin broke down the crucial level of $0.055. The downtrend is so significant that it has brought the cryptoasset to the major support level of $0.050.
XLM, somehow, had the support at the price level of $0.050 and went up to the price level of $0.056 However, the overall market forces pushed XLM down to the major support level of $0.050 again. The market cap is $1, 60,413,749 and volume traded is $582,116,808.
The ongoing current downtrend in the market is damaging the price recovery made by stellar lumens in this month. A fall below the price level of $0.050 will invite bears into play again.
Stellar Lumens Technical Analysis
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 colour of red in upcoming days for XLM.
The MACD levels are again going back to the bearish nature after reaching the bullish region through lots of efforts.
The 24hour- RSI is again showing downtrending nature which is not a positive sign for the altcoin. A break below the level of 50 will provide more bearish momentum.
The 24hour-CCI touched the oversold region. However, the positive divergence looked strong to reach the normal territory and succeeded. This indicates that bears are on the stronger side and XLM can face further downfall.
Resistance level: $0.055
Support level: $0.050 and $0.048
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.
