Stellar Lumens Facing Constant Negative Reversals From Resistance Point at $0.175 Breaks Below $0.170

  • Stellar Lumens again faced negative reversals from the resistance point of $0.175 on Tuesday’s market session resulting in an overall loss of -1.98% for the day 
  • The XLM/BTC pair is also facing negative momentum with a loss of -1.82% bringing the current level to 0.00000885 BTC
Source: Coinmarketcap

On the weekly price performance chart of Stellar Lumens, the price levels made double testing of the resistance level of $0.175 during the week. Still, they were unable to have a positive, sustainable breakout. However, XLM price levels were able to maintain stability above the support level of $0.170, which was broken below in the current market session. The CMP is placed at $0.169640 with an overall loss of -2.045 bringing the market capitalization to $3,696,605,138 with the 24-hour volume traded of $525,004,014. The negative performance of the XLM/BTC pair might indicate more downtrend to come for the crypto asset in the upcoming trading sessions. 

Stellar Lumens Developing New Sustainable Region On Technical Chart 

Source: Tradingview
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The technical chart of XLM highlights the sharp positive divergence made by the price levels in the previous month, which is followed by price corrections at regular intervals. On the retracement table, the price levels are having major support at 0.5fib level and building a new sustainable region above 0.382fib level. A negative breakout below the 0.382fib level will indicate that the crypto asset is somehow is losing its positive sentiment in the overall market conditions. 

The moving average convergence & divergence (MACD) is moving strong with a bullish crossover; meanwhile, the significance of the bears also looking to rise. 

The relative strength index (RSI) is currently showcasing negative nature but holding within the normal zone with the level of 53.93. 

The directional movement index (DMI) is somehow losing its bullish nature as ADX (18.22) is looking to have a negative crossover against -DI (18.33). 

The commodity channel index (CCI) has reached the normal zone after correcting back from the oversold region. The levels need to ensure that it does not reach anywhere near the oversold region and providing heavy damage to the price levels of XLM. The current level is at 30.24. 

Will XLM Have A Positive Bounce Back in the Upcoming Trading Sessions? 

On the charts, the price levels of stellar lumens looked to build a new sustainable region,i.e., above the 0.382fib level. If the levels can maintain sustainability, we might be able to witness retesting of the major resistance level of $0.175 again. 

Resistance level: $0.175 & $ $0.190 

Support level: $0.168 & $0.150

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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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