Stellar Lumens (XLM) Price Analysis: Lumens Price Finds Support At $0.062 Level After Heavy Downtrend

  • Stellar Price is suffering major price corrections due to the overall downtrend in the cryptomarket. 
  • Stellar Lumens is facing an overall loss of -3.00%. 

Capture
Source: Coinmarketcap

As reflected in the pricing graph, Stellar Lumens XLM price is having a significant bearish movement in today’s market. The altcoin broke down the crucial level of $0.070. The downtrend is so significant that it has brought the cryptoasset to the major support level of $0.060.

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XLM, somehow, had the support at the price level of $0.062 and went up to the price level of $0.064 However, the overall market forces pushed XLM down to the major support level of $0.062 again. The market cap is $1,275,413,749 and volume traded is $675,116,808.

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 $0.060 will invite bears into play again.

Stellar Lumens Technical Analysis 

Screenshot (313)
 Source: Tradingview

The stellar coin price chart reflects on the downtrend of the altcoin which is becoming 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 40 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: 

$0.075 and $0.070

Support level: $0.062 and $0.060

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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.

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