Stellar Slides Below an Imminent Support at $0.060; Appears Bearish

  • Stellar (XLM), at the time of penning down this article, was trading at $0.0593 and breaching the lower 20-day Bollinger Band
  • XLM price loses over 24% in 2 days from the weekly high of $0.0734 to the weekly low of $0.0556
  • A price below $0.062 led the coin to hit below 38.20% Fib Retracement level and loses support from the 50-day and 200-day daily MA
  • The current trading price of the coin records a 6% growth from the 30-day bottom hit at $0.0556

XLM coin experiences a notable downward trend and thereby loses support from the imminent moving averages viz., 50-day and 200-day.

Stellar Price Analysis

Stellar News
XLM/USD Chart By TradingView

Taking a glance at XLM/USD price movement on Coinbase, we see that the coin is on a continual downswing. The intraday has been quite a despair as the price of the coin slid below $0.062, which resulted in a gradual slide below 38.20% Fib Retracement level. The price trend is breaking through the lower 20-day Bollinger Bands laid and exhibits a bearish divergence due to intraday movement. However, the 20-day Bollinger Bands do not project about any vulnerable volatility in the upcoming days.

Stellar Slides Below an Imminent Support at $0.060; Appears Bearish

Aligning the market crash that happened over the past 24 to 48 hours, the king of cryptos has also tested support as low as $8,500, meanwhile. All the major altcoins have lost a notable value over the past two days and are yet to make a comeback, as Stellar price dips below the support at $0.060.

As per the current momentum, XLM coin is making intraday accumulation and is seen as having slight bullish crossover as well when it spiked above $0.062 after $0.0556. Further, as per XLM price prediction and the technical analysis, Stellar crypto is likely to face resistance at $0.062 and $0.065.

Technical Indicators

XLM News

The technical indicators laid to hold a bearish divergence as the signal line crosses above the MACD line of Stellar, and the RSI is seen inclining towards the support at 39.08.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

Related Articles

Back to top button