- XLM price has nosedived again today; faces one more bearish hit
- The coin is testing support levels at $0.035 right now
- Stellar price is well below the 200-day EMA line while other technicals are heading towards a bullish zone
- The ascending head and shoulder pattern has already indicated a possibility of a price decline, which has been confirmed
Stellar Price Analysis
The market has taken a bearish turn thrice this week, and Bitcoin has again started a downward journey near $5100. Amid such the turbulent market, Stellar cryptocurrency has also declined to shed quite a bit of its valuation.
The currency opened yesterday at $0.035, and it started forming higher highs while holding a positive bias for the better part of the day. Meanwhile, the XLM coin price also has traced a dip at $0.035 before it shot up at $0.038.
The coin has formed a head and shoulder pattern here, indicating an upcoming price fall. It closed with a bit of correction, and today Stellar has resumed the price drop. The coin has declined by more than 8.49% till now, and the coin is still trading downwards. At 11:41:52 UTC, the XLM price is at $0.0351.
Technical indicators seem a bit conflicting with XLM’s price trend. While the coin has heavily fallen, RSI and MACD are yet to show negative signals. RSI is at 43, showing a stable phase of Stellar Lumens, and MACD is moving towards the bullish area with its MACD line on the upside.
However, the 200-day EMA line is noticeably above the price path showing a negative momentum of the coin.