Stellar Lumen (XLM) Price Extends Decline, Why Bears Are In Control

Stellar Lumen Price Analysis (XLM to USD)

Stellar Lumen (XLM) Price Extends Decline, Why Bears Are In Control

Stellar lumen price is showing bearish signs below the $0.085 resistance zone against the US Dollar.
XLM price is now trading below $0.0850 and the 55 simple moving average (4-hours).
There is a major bearish trend line forming with resistance near $0.0835 on the 4-hours chart (data feed via Kraken).
The pair could accelerate lower unless there is a clear move above $0.085 and $0.090.

Stellar lumen price is trading below $0.0900 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.080 support to avoid more losses.
Stellar Lumen Price Analysis (XLM to USD)
After a minor upside correction, stellar lumen price faced sellers near the $0.0900 zone against the US Dollar. The XLM/USD pair formed a high near $0.0888 before it started a fresh decline.
There was a move below the $0.0850 and $0.0835 levels. The price even settled below the $0.088 level and the 55 simple moving average (4-hours). A low was formed near $0.0817 and the price is now consolidating losses. There was a minor move above the $0.0820 level.
It is testing the 23.6% Fib retracement level of the recent decline from the $0.0856 swing high to $0.0817 low. On the upside, the price is facing resistance near the $0.0835 level.
There is also a major bearish trend line forming with resistance near $0.0835 on the 4-hours chart. The trend line is near the 50% Fib retracement level of the recent decline from the $0.0856 swing high to $0.0817 low. The next hurdle could be near the $0.0850 zone.
A clear move above the $0.085 level might send the price towards the $0.0900 level. Any more gains could lead the price towards the $0.0980 level or even $0.1000.
An initial support on the downside is near the $0.0818 level. The main support is near the $0.0800 zone. Any more losses could lead the price towards the $0.0765 level in the near term, below which the price might even retest $0.0750.
Stellar Lumen (XLM) Price
The chart indicates that XLM price is now trading below $0.0900 and the 55 simple moving average (4-hours). Overall, the price could accelerate lower unless there is a clear move above $0.085 and $0.090.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is gaining momentum in the bearish zone.
4 hours RSI – The RSI for XLM/USD is now below the 50 level.
Key Support Levels – $0.0818 and $0.0800.
Key Resistance Levels – $0.0835, $0.0850 and $0.0900.

Tags: stellar, Stellar Lumens, XLM

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