Stellar Lumens (XLM) Price Analysis: Lumens Price Facing Continuous Downtrend From $0.075 Resistance Level.

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 -1.00%.

Capture
Source: Coin360

As reflected in the pricing graph, XLM price is having a significant bearish movement in today’s market. The altcoin broke down the crucial level of $0.072. The downtrend is so significant that it has brought the stellar to the major support level of $0.070.

XLM, somehow, had the support at the price level of $0.070 and went up to the price level of $0.075 However, the overall market forces pushed XLM price down to the major support level of $0.070 again.  The market cap is $1,460,413,749 and volume traded is $268,116,808.

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 $0.070 will invite bears into play again.

Stellar Lumens Technical Analysis

Screenshot (310)
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 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 Stellar Lumens XLM can face further downfall.

Resistance level:  $0.075

Support level: $0.070 and $0.068

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