Stellar Lumen (XLM) Price Turns Bearish And Likely To Break $0.062

  • Stellar lumen price failed to stay above the $0.0750 support and declined recently against the US Dollar.
  • XLM price is currently declining and trading well below the $0.0700 pivot level.
  • There is a key bearish trend line forming with resistance near $0.0720 on the 4-hours chart (data feed via Kraken).
  • The pair remains at a risk of more losses below the $0.0620 and $0.0600 support levels.

Stellar lumen price is now back in a bearish zone below $0.0700 against the US Dollar, similar to bitcoin. XLM price is likely to accelerate lower below $0.0620.

Stellar Lumen Price Analysis (XLM to USD)

In the past few days, stellar lumen price started a steady decline from the $0.0850 resistance against the US Dollar. The XLM/USD pair broke many key supports near the $0.0750 level to move into a bearish zone.

Besides, the price broke the $0.0700 support and settled below the 55 simple moving average (4-hours). During the decline, there was a break below a couple of bearish continuation pattern near $0.0755 and $0.0715 on the 4-hours chart.

The decline was such that the price traded as low as $0.0669. It is currently consolidating losses and it might correct high above $0.0680. An initial resistance is seen near the $0.0700 level.

The 50% Fibonacci retracement level of the recent decline from the $0.0748 high to $0.0669 low is also near the $0.0700 level. The next key resistance is near the $0.0720 level. There is also a key bearish trend line forming with resistance near $0.0720 on the same chart.

The trend line coincides with the 61.8% Fibonacci retracement level of the recent decline from the $0.0748 high to $0.0669 low. Therefore, the price might struggle to clear the $0.0700 and $0.0720 resistance levels.

A clear break above the $0.0720 resistance might lead the price towards the $0.0750 resistance. Conversely, the price could fail to correct above $0.0720 and it might continue to decline. The main supports are near the $0.0620 level, below which the price could even trade below the $0.0600 support.

Stellar Lumen Price

The chart indicates that XLM price is clearly gaining bearish momentum below the $0.0700 level. It seems like the bears are aiming more losses towards the $0.0600 level or even $0.0580.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is slowly gaining pace in the bearish zone.

4 hours RSI – The RSI for XLM/USD is currently well below the 50 level.

Key Support Levels – $0.0620 and $0.0600.

Key Resistance Levels – $0.0700, $0.0720 and $0.0750.

Source: livebitcoinnews.com

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