Stellar Lumens (XLM) dumps after a 44% Surge, XLM Could Retest $0.19

Stellar Lumens ($XLM) is down 12 percent on the previous trading day versus the $USDT. As sellers flow back, the coin may dump to retest $0.19.

Past Performance

Stellar Lumens is free-falling at spot rates, dropping 12 percent versus the $USDT in the past 24 hours. Technically, $XLM remains in a bullish breakout pattern above a multi-week resistance trend line as prices bottom up. However, following today's losses, sellers are pressing lower in a possible retracement after a 44 percent surge from 2022 lows.

Stellar Lumens Technical Analysis

 In the immediate term, sellers are in the driving seat. There are lower lows versus the upper BB as $XLM prices slide below crucial support levels and the 20-day moving average. Notably, the April 6 bear engulfing bull bar reversing recent gains is with markedly high trading volumes, further confirming the losses of April 5. Therefore, as $XLM trends lower in a possible cool-off, traders may find entries on every pullback towards $0.22 to unload with targets at $0.19.

What to Expect from $XLM?

$XLM is under intense selling pressure at spot rates. Although there might be an over-extension to the downside, traders may unpack on pullbacks towards $0.22. In all, sellers may drive Stellar Lumens prices lower in a healthy contraction following a 44 percent from March 2022 lows.