- The price of XLM has turned bearish over the last 24-hours
- Stellar is now trading below the $0.07 mark
- The $0.06 price position holds the key for Stellar’s next direction
Stellar Lumen News Today – the price of Stellar has failed to gain any momentum above the $0.0750 mark. The coin declined well against the USD. The XLM price also tested the $0.0600 support. It is now consolidating losses.
Stellar saw a break beneath an important bullish trend with support at the $0.0710 area via the 4-hour chart. The XLM/USD trading pair could correct above the $0.0650 mark, but the bears will likely hold positions $0.0700 and $0.0710. Stellar’s price is trading above key supports which is similar to that of BTC.
Stellar’s Price Failed to Gain Momentum Above $0.0750
The past week, saw the price of Stellar fail in its attempt to gain momentum above $0.0750 and $0.0760. The XLM/USD pair began a fresh decline and went below $0.0720. The bears took control before pushing the coins’ price below $0.0700. There was also a close beneath the $0.0700 area and the 55 SMA via the 4-hour chart.
During this decline, the coin broke below a crucial bullish pattern with support at $0.0710 via the 4-hour chart. The price of XLM traded as low as $0.0600. It will appear the price is finding a strong buying interest at $0.0600. It is changing hands above the 23.6% Fib retracement via the recent decline from $0.0745 to $0.0600.
In the event of an upside correction, the initial hurdle that the bulls could face will be near $0.0670. This point is near the 50% Fib retracement via the last decline from $0.0745 to $0.0600. The first important resistance is at $0.07000.
Stellar Must Move Above $0.0710 to Enter the Positive Zone
To enter into a positive area, XLM price must go above $0.0710 and the 55-day SMA via the 4-hour chart. Conversely, the price of Stellar might continue moving downward. The main support is for the coin is near $0.0600. If the bulls can’t protect the $0.0600 support position, there will be a risk of a larger decline via the coming trading sessions. The next support can be seen near $0.0525.
The chart shows that the XLM price is now consolidating above $0.0600 which is the key support. As long as it stays above $0.0600, the XLM price could rise to $0.0700 and $0.0710 both of which are resistance levels. The technical indicators show that the MACD for the XLM/USD pair is currently losing pace. It is in the bearish area.
Meanwhile, the RSI is currently flat. It now well below the 40 areas. There is ley support at $0.0600 and $0.0525 respectively. Meanwhile, XLM had resistance at $0.0670, $0.0700, and $0.0710.