Stellar Lumens Close To Multi Resistance of $0.080 Amid Bullish Momentum From Start of the Month

  • Stellar Lumens started this month by trading positive and now close to its multi-time resistance level of $0.080
  • The XLM/BTC pair is also performing positive with an overall gain of 1.725 bringing the current level to 0.00000571 BTC 
Source: Coinmarketcap

The weekly price performance chart of Stellar Lumens highlights the instability of the price levels above the resistance mark of $0.080 which eventually led to the downfall at the end of the previous month. However, the crypto asset had the backing of $0.075 on the downside which prevented any further downfall and also helped to regain the positive momentum. XLM has started this month by reaching the price mark of 0.077 and aiming to retest the resistance mark again. The CMP is placed at $0.077155 with an overall gain of 0.27% resulting in a market capitalization to decline by -1.67 with the 24-hour volume traded having an increase of 10.63%. 

Technical Levels Needs Improvement For Battling The Resistance 

Source: tradingview

The technical chart of XLM highlights the price recovery action made during the past month in two attempts which is eventually led by a heavy price correction by the end of the month. The retracement levels reflect on the current resistance faced by the digital asset which is placed at 0.5fib level. The price levels are also attempting to maintain sustainability above the 0.618fib level. 

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The moving average convergence & divergence levels are kind of consolidated after a bearish crossover which is not a positive sign with respect to the arriving resistance mark if the positive momentum is sustained. 

The relative strength index (RSI) is currently showcasing negative nature and unable to hold bullish levels indicating the effects of the resistance mark has started to show on the levels. The current level stands at 45.99.

The directional movement index is also showcasing weakness in the levels as ADX (16.18) is moving below -DI (30.79) 

Will XLM be Able to Beat The Resistance Mark of $0.080? 

The current specific levels of stellar lumens are completely against the positive move which indicates that the price levels might face negative reversals from the resistance mark. However, if the overall market conditions continue to improve, it can push up the levels for XLM in upcoming trading sessions. 

Resistance level: $0.080

Support level: $0.075 

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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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