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- Stellar XLM price hits fresh yearly low at $0.0725 and forming a mild bullish candle from the support zone.
- MACD had generated negative crossover whereas RSI at 33 reversing upside from oversold zone.
Stellar XLM price had been trading with mild bearish cues and consolidating near the support zone of $0.0725. As per coinglass, In the last 12 hours the long positions were 52.62% and Shorts positions were 47.38% indicating more of buyers interest in XLM prices but price action does not seem to be favorable for buyers. Currently, XLM/USDT is trading at $0.0755 with the intraday loss of 0.66% and 24 hour volume to market ratio 0.0227
XLM Price may go further down or not ?
On a higher time frame, Stellar XLM prices have tried multiple times to trade above 50 day ema (pink) but sellers had dominated on a higher level and dragged the prices down. In the past couple of months XLM prices have traded in the range between $0.0987 to $0.1336 with bearish bias. Later in November, FTX collapse triggered fearful selling in the crypto market which also impacted the XLM in a negative way and prices slipped below its lower range support of $0.098 and hits a fresh low at $0.0790
Recently, Prices had broken down its previous lows and bears are trying to drag the prices further down. On a higher side the 200 day ema (green) indicates a trend to remain weak on a positional basis and The 50 day ema(pink) at $0.0889 will act as an immediate hurdle in coming days followed by the next hurdle at $0.0987. The MACD had generated negative crossover indicating bearishness may continue for some more time whereas The RSI at 33 reversing upside from the oversold zones.
Will the XLM price break the lower range ?
On a lower time frame, Stellar XLM prices had been trading with the bearish bias and likely to remain in a bear grip for some more time. Recently, the supertrend indicator had generated a sell signal which indicates the short term trend may remain bearish whereas if bulls succeed to trade above $0.0987 we may see short term bullish trend reversal.
Summary
Stellar XLM bulls had been trying to gain the buyers momentum but the fresh buyers were reluctant to accumulate XLM at lower levels. As of now, The technical indicators do not show any sign of trend reversal so it’s better to avoid XLM at lower levels.
Technical levels
Resistance levels : $0.0987 and $0.1336
Support levels : $0.0664 and $0.0500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
