Stellar Lumens Continues To Face Price Damage After Negative Crossover Below $0.20

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Stellar Development Foundation (SDF) Announces An Investment Of $5m In Abra

  • Stellar Lumens continues to face negative momentum and arrived on the support level of $0.17
  • The XLM/BTC pair continues to perform negative with an overall loss of -0.18%, bringing the current level down to 0.00000898 BTC
Source: Coinmarketcap

The weekly price performance chart of XLM highlights the negative trend faced by the price levels after having a negative breakout below the bullish mark of $0.20. The CMP is placed at $0.171968 with a marginal loss of -0.58%, bringing the market capitalization to $3,748,883,727 with the 24-hour volume traded of $322,184,325. The negative performance of the XLM/BTC pair might indicate that the price levels may face further price damage in the upcoming trading sessions. On the contrary, the current price levels are residing on the minor support of $0.17, which is expected to revive the crypto asset’s positive momentum. 

Technical Levels Showcases Bearish Nature While Holding Above Crucial Support Levels for XLM

Source: Tradingview

The technical chart of Stellar Lumens highlights the sharp positive divergence made by the price levels in the previous month after its new update went public and provided a positive rally of more than 100% followed by a sharp negative divergence resulting in the retracement of around 50.00%. The current price levels look to sustain and develop a support line on the 0.618fib level. 

The moving average convergence & divergence (MACD) levels are still moving below the neutral zone besides bullish crossover.

The relative strength index (RSI) has formed a falling channel pattern and cannot sustain the overbought region. The current level stands at 44.59. 

The directional movement index (DMI) is also showcasing bearish nature, as ADX (13.74) moves well below -DI (24.56). 

Will The Current Support of $0.17 be Able to Revive XLM’s Positive Move? 

On the retracement table, the price levels look to sustain above the 0.618fib level, which is around the price level of $0.17. The support level did provide a minor positive bounce back to the previous retracements. However, if the overall market conditions turned significantly negative, we can expect further price damage to stellar. 

Resistance level: $0.23 & $0.20

Support level: $0.17 & $0.15 

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