Monday , September 26 2022
Home / Altcoins / Stellar Lumen (XLM) Price Is Plunging And It Could Extend Decline Below $0.05

Stellar Lumen (XLM) Price Is Plunging And It Could Extend Decline Below $0.05

Summary:
Stellar lumen price is down more than 8% and it broke the key %excerpt%.0550 support against the US Dollar.XLM price is currently consolidating losses near the %excerpt%.0500 level.There is a key bearish trend line forming with resistance near %excerpt%.0580 on the 4-hours chart (data feed via Kraken).The pair is likely to extend losses if there is a clear break below the %excerpt%.0500 support area.Stellar lumen price is plunging and it broke many key supports against the US Dollar and bitcoin. XLM price could either recovery from %excerpt%.0500 or it might dive further towards %excerpt%.0450.Stellar Lumen Price Analysis (XLM to USD)In the past two days, there were mostly bearish moves in stellar lumen price below the %excerpt%.0600 support against the US Dollar. The XLM/USD pair broke the %excerpt%.0585 support level and the 55 simple moving

Topics:
Aayush Jindal considers the following as important: , , , , ,

This could be interesting, too:

Nick Marinoff writes The Central African Republic Limits Sango Coin Usage

Nick Marinoff writes Thodex Crypto Exchange Founder Arrested in Europe

Nick Marinoff writes Virtuzone Opens Its Heart to Crypto Payments

Nick Marinoff writes Vitalik Buterin to ETH Clients: It’s Time to Update!

  • Stellar lumen price is down more than 8% and it broke the key $0.0550 support against the US Dollar.
  • XLM price is currently consolidating losses near the $0.0500 level.
  • There is a key bearish trend line forming with resistance near $0.0580 on the 4-hours chart (data feed via Kraken).
  • The pair is likely to extend losses if there is a clear break below the $0.0500 support area.

Stellar lumen price is plunging and it broke many key supports against the US Dollar and bitcoin. XLM price could either recovery from $0.0500 or it might dive further towards $0.0450.

Stellar Lumen Price Analysis (XLM to USD)

In the past two days, there were mostly bearish moves in stellar lumen price below the $0.0600 support against the US Dollar. The XLM/USD pair broke the $0.0585 support level and the 55 simple moving average (4-hours) to move into a bearish zone.

Moreover, there was a break below the main $0.0550 support level. The decline was such that the price spiked below the $0.0500 level and a new monthly low is formed near the $0.0486 level.

The price is currently consolidating losses near the $0.0500 level. An initial resistance on the upside is near the $0.0518 level. It coincides with the 23.6% Fibonacci retracement level of the recent drop from the $0.0616 high to $0.0486 low.

If the price starts a decent recovery, it could correct higher towards the $0.0550 resistance level (the previous breakdown zone). The 50% Fibonacci retracement level of the recent drop from the $0.0616 high to $0.0486 low is also near the $0.0550 level.

More importantly, there is a key bearish trend line forming with resistance near $0.0580 on the 4-hours chart. The trend line resistance at $0.0580 is close to the 55 simple moving average (4-hours).

Therefore, the price is likely to face a strong resistance near the $0.0550 and $0.0580 levels if there is an upside correction in the near term.

Conversely, the price could extend its decline below the $0.0500 support level. If the price slides below the $0.0486 low, there is a risk of a drop towards the $0.0450 level.

Stellar Lumen Price

Stellar Lumen Price

The chart indicates that XLM price is back in a bearish zone below the $0.0550 pivot level. In the short term, it could correct higher, but upsides are likely to remain capped near the $0.0550 and $0.0580 levels.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is currently recovering in the bearish zone.

4 hours RSI – The RSI for XLM/USD is now correcting higher towards the 35 level.

Key Support Levels – $0.0500 and $0.0450.

Key Resistance Levels – $0.0520, $0.0550 and $0.0580.

Tags: , ,

Leave a Reply

Your email address will not be published. Required fields are marked *