Stellar Lumens(XLM) ANALYSIS: XLM Ready to break out from the triangular pattern?

  • Stellar Lumens (XLM) Coin is making a triangular pattern and reaching the support zone of $0.2722.
  • The XLM/BTC pair is trading at the value of 0.000008347 BTC with an intraday gain of 0.12%.
Source: Trading view

Stellar (XLM) coin price makes the triangular pattern over the daily chart and heading towards the lower region. On the daily chart, support is situated at $0.277; similarly, resistance on higher levels is placed at $0.3318. Currently, XLM is placed above all major moving averages of 20,50,100 and 200-DMA. For a short time frame, 20-DMA is acting as minor support. The volume of XLM has seen a decrease of 33.33% in 24 hr time frame. It is currently ranked 11 with the market capitalization of $6,393,478,369.

Source: Trading view

Stellar (XLM) Coin is trading above the support level on the weekly chart. However, on a daily chart, it is trading near the critical zone.XLM is placed near the support region on an intraday chart. It is currently trading at $0.2897 with a loss of -1.37% in the last 24-hour. It is reaching for a breakout on the downside from the triangular pattern. XLM/BTC pair is trading at the end of Bollinger Band, which indicates that the bullish momentum will slow down.

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Relative Strength Index (Bearish) indicates a bearish momentum while trading at 57.28. It is currently heading towards the oversold region after testing the overbought, and more correction is expected on a daily chart

Moving Average Convergence Divergence currently indicates a bearish trend on the daily chart. It gave a negative crossover with the significance of selling line (red) over buying signal line (green) with no recovery sign.The bars of the histograms are also of very low length and in the red region which confirms the bearish trend.

CONCLUSION

Stellar lumens coin is currently taking the support at 20 DMA and is about to break its consolidation phase. One can further say that the XLM can go down below the support level.

Technical levels:

Major Support:$0.277

Major Resistance:$0.3118

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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