Stellar (XLM) Attempts to Halt the Hefty Price Drop

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  • Stellar has recently started a rebound today; the coin is resonating with extremely bearish crypto market
  • XLM coin’s bearish trendline recently broke; weakly perceives the resistance levels
  • Technicals are giving mixed signals while Bollinger bands seem shrunken showing no signs of volatility

Stellar Price Prediction

Amid the scarily plunging market, Bitcoin is still trading downwards and is exploring the price range well below $8000. Notably, due to Coronavirus, all the markets are drastically down, and it is to be seen how long it takes to see improvements on a global level.

Last week has been mostly bullish for Stellar Lumens, and it is yesterday when the XLM coin dropped with such strong bearish impact. The coin was at $0.057 when it opened, and from there, it started a gradual price drop.

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XLM/USD Chart By TradingView

A sharp price dip near $0.05 also played a vital part in its current bearish nature. Stellar price has declined as low as $0.048 today and is yet to see a strong price recovery. However, the coin has recently tried to strike a price move above the 200-day EMA, but the recently formed bearish candles have refused the same. Notably, the XLM coin is still below the 38.20% fib level.

Talking about its technical indicators, MACD and RSI are heading downwards. Also, RSI is at 51, showing no extremities right now. Meanwhile, MACD has just traced a bearish crossover.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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