- 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. Based on current price formation on the chart and our XLM price prediction 2021, the coin might reflect recovery and regain its previous price levels around $0.040.