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XLM Technical Analysis: Selling Spree Ready To Break $0.10

Analytics

cryptoknowmics.com 15 June 2022 11:18, UTC
  
Reading time: ~2 m

XLM prices showcase a remarkable increase in selling pressure which may shortly break under the crucial support at the $0.10 mark. Key technical points:

  • The market price has decreased 2.06% over the past 24 hours.
  • The price action shows a selling spree ready to take down $0.10.
  • The 24-hour trading volume of Stellar is $206 Million, indicating a drop of 36%.

Past Performance of XLM

XLM prices maintain a falling trend as it fails to surpass the 50-day EMA and the $0.148 resistance level. The rejection coincides with the sell-off in global markets resulting in a 30% downfall, breaking under the $0.11 support level to take a dip at $0.10. However, the selling pressure cools off resulting in a sideways trend between $0.10 and $0.11 as a retest of the bearish breakout. TradingView Chart Source- Tradingview

XLM Technical Analysis

The currently forming XLM daily candle shows a rise in selling sentiment as the price drop 5% and undermines the last day’s recovery. Hence, traders can expect the fallout of $0.10 as an entry point for shorting opportunities. The daily-RSI slope shows a failed bullish attempt to reverse from the oversold boundary but retraces to the 30% mark. And the falling trend in 14-day SMA grows as it reverses from the halfway line. The MACD indicator displays a falling trend in the fast and slow lines after the bearish crossover resulting in an increase in the bearish spread. Hence, the indicator displays a bearish bias forecasting the breakout of $0.10. Thus, the technical indicators take a bearish side and indicate a selling opportunity but price action traders might want to wait till the price drops under $0.10. In a nutshell, the XLM technical analysis forecasts a high-momentum bearish trend ready to crack under a crucial psychological support level.

Upcoming Trend

Suppose the selling pressure continues to grow with increasing trading volume, XLM prices will plunge under $0.10 to test the $0.090 mark. Resistance Levels: $0.115 and $0.130 Support Levels: $0.10 and $0.090


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