#Stellar Lumens (XLM) has sustained a persistent downward price movement for over a week, indicating an ongoing trend of declining prices.
Stellar Lumens (XLM) is currently experiencing a trading price below $0.0950 when compared to the US Dollar. This situation is comparable to Bitcoin's recent performance. There is a possibility that XLM price may continue to decline if it remains below the $0.0950 mark.
After closing below $0.100, the price of Stellar Lumens entered a bearish phase against the US Dollar. Moreover, the XLM/USD pair fell below the crucial support zone at $0.095, indicating that the bears have gained control of the market.
Stellar Lumens (XLM) price witnessed a significant drop below the $0.090 level, reaching a low point around $0.0896. Currently, the price is in a consolidation phase, attempting to recover from its losses. However, it is important to note that XLM is still trading below both the $0.0920 level and the 50-hourly simple moving average, indicating a bearish trend.
On the 4-hour chart, a prominent bearish trend line is taking shape, with resistance forming near $0.0930. These technical indicators suggest that the XLM price is facing strong selling pressure and may struggle to overcome the resistance level in the near term.
#XLM is encountering a significant resistance level near $0.0915. Further ahead, a notable resistance zone can be observed around $0.0930, which coincides with both the trend line and the 100-hourly simple moving average. The initial major resistance lies at the $0.0950 level. If there is a clear breakthrough above this level, it could potentially propel the price towards $0.0980. Subsequent gains might push the price towards the $0.1020 level, and even potentially reach $0.1050.
If XLM fails to surpass the $0.0930 level, the initial support on the downside can be found near $0.0890. A more significant support zone is situated around the $0.0880 area. If the price experiences further declines, it could potentially reach the $0.0850 level in the near term. In the event that this level is breached, the price may even revisit the $0.0820 mark.Â
KEY LEVELS :
RESISTANCE LEVEL : $0.0920-$0.0950
SUPPORT LEVEL : $0.0880-$0.0860
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
