Besides EOS that experienced a little bit of increase in its value after the bullish pin bar or spring on the 16th of May, other digital currencies including Stellar Lumens and Tron are showing negative gains in the past twenty-four hours. What is even more surprising is how the prices of Stellar Lumens are behaving irrespective of good news.
Despite all that is happening around the digital currency, it is engaging the sell gear and it is gradually declining to the low of $0.30. At the time of writing, the value of the digital currency is 33 cents, after an increase of 1.1 percent in the last twenty-four hours.
The Price Analysis of Stellar Lumens
Successful digital currencies usually chart up the list of liquidity if it finds more usability. In the case of this cryptocurrency, IBM is their major supporter. Already, the firm is using the network of Stellar Lumens for secure and cheap cross-border payments.
Like other digital currencies, the value of Stellar Lumens is down and it is gradually approaching the 30 cents mark. For now, conclusions cannot be drawn on the digital currencies as investors are waiting for the value to recover and close above the $0.40 level.
Stellar Lumens against the US Dollar
XLM turned down from its 20-day exponential moving average as higher levels lacked investors. Right now, the value of the digital currency is back at the 50-day simple moving average, which is critical support. If this support level breaks, the shoulders and head neckline pattern is the final support.
The pattern of the bear will complete on a breakdown and close beneath the neckline. If the value of XLM against the USD holds the 50-day simple moving average or the neckline, a range bound action will ensue. Any move above the $0.478 support level will be very bullish because it’ll render the bearish pattern invalid. Buyers are looking for opportunities above the 37 cents levels.