Stellar Declines by 9% Over a Day; Still Looking for a Support Level
- XLM coin is testing support levels at $0.0364 as the coin is yet to halt the price decline
- Support area near $0.0369 has already been breached, and moving averages are in the negative zone too
- Technical indicators are exploring bearish areas while Stellar fails to start a rebound journey amid lack of support levels
- Bitcoin price trades around $5900, full recovery of the market seems too far
XLM Price Prediction
The week-long recovery spree of Stellar Lumens saw a bearish break-out yesterday as a downward price momentum took place. It is to be noted that the market is still bearing aftershocks even after it faced massive losses recently a week ago.
XLM coin opened yesterday above $0.039, where it was holding a bit bullish bias. The coin rose and reached above $0.040 to face a steep resistance there. After that, it pulled back, and then it couldn’t gain its bullish momentum back.
Stellar cryptocurrency formed a few lower highs, and it broke support levels at 50% Fib level and 38.20% fib level. The currency closed the day at $0.0365 with a bearish bias. Today, the XLM coin has been maintaining stability until just now, but recently, the coin has dragged its support level down.
The coin is trading below both the moving averages while the 200-day EMA line poses as a resistance level. Moving averages are showing a bearish picture as the short-term SMA line is on the downside.
Moreover, the MACD chart is in the negative zone with its Signal line on the upside while RSI of Stellar is approaching the oversold zone. The coin might record slight recovery despite the current bearish sentiment. To find more details regarding the coin’s future, do read our XLM price prediction.
