Stellar (XLM) Sees Major Ups and Downs; Recovery Seems at Risk
- Vigorous and frequent ups and downs are bringing drastic changes to XLM’s price trend
- Stellar has just formed a sharp spike at $0.041; bears have pulled the coin even below the 61.80%
- The coin is yet to see s support level after it corrected down; a major support line appears at the 100% fib level
- Moving averages are yet to respond to the recent plunge; MACD steps into the bearish zone
Stellar Lumens was impressively moving forward with a bullish approach till just now. Just a few hours ago, the coin had dropped with a sharp bearish pull below $40 and was continuing to extend the dip.
This shows how the market is still far away from stability as it is still not ready enough to fight the current global uncertainty. Amid this, BTC price has also slipped from $6879 to $6607 within a short span.
Over a day, Stellar has formed multiple bottoms near $0.039, and apparently, it is likely to act as an active support level. The ongoing price pullback has breached the supports at 38.20%, 50%, and 61.80% Fib levels. Here, the short term SMA line is above the longer one, but it may soon form a bearish crossover.
The coin had opened yesterday just a little above the support line. Despite volatility, XLM coin managed to hit the $0.041 price mark today. However, the recent plunge has noted a significant S/R flip with a bearish bias.
In this chart, it clearly shows how Stellar price has just slipped below the 200-day EMA line. At the same time, Bollinger bands have opened up, noting a volatile phase. Also, the MACD chart has stepped into the bearish zone. Based on the current trend and Stellar predictions, the coin might retest its previous support $0.0392 soon.