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Stellar Lumens (XLM) Price Analysis: Bears Enforced Lumens Price To Break Below $0.050

  • Stellar Price is suffering major price corrections due to the overall downtrend in the cryptomarket.
  • Currently, it is facing an overall loss of -1.78%.
Source: Coinmarketcap

As reflected in the pricing graph, Stellar lumens XLM is having a significant bearish movement in today’s market. The altcoin broke down the crucial level of $0.050. The downtrend is so significant that it has brought the cryptoasset to the major support level of $0.047.

XLM, somehow, had the support at the price level of $0.047 and went up to the price level of $0.049.  The market cap is $1,000,413,749 and volume traded is $438,116,808.

Stellar lumens had significant bullish momentum in yesterday’s market with helped the cryptoasset to cross the crucial level of $0.050 but it looks like the price correction activity came too early. Any break below the crucial level of $0.045 will put the altcoin in the previous situation of price consolidation.

Stellar Lumens Technical Analysis

Screenshot (174)
Source: Tradingview

The stellar coin price chart reflects on the positive momentum of the altcoin which has become more significant this month due to overall market conditions. With this momentum, the altcoin looks promising to have major price recovery.

The technical indicators and oscillators suggest that the cryptomarket will see the color of green in upcoming days for XLM.

The MACD levels are again brought back to the bullish zone after making a bullish cross.

The 24hour- RSI is again showing downtrending nature which is not a positive sign for the altcoin. A break below the level of 50 will provide more bearish momentum.

The 24hour-CCI touched the peak of overbought region. However, the negative divergence looked strong to reach the normal territory but succeed. This indicates that bulls are on stronger side and XLM can build a positive rally.

Resistance level:  $0.050 and $0.05
Support level: $0.048 and $0.045

This post first appeared on Coin Market, please read the originial post: here

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Stellar Lumens (XLM) Price Analysis: Bears Enforced Lumens Price To Break Below $0.050


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