The crypto market entered the red zone today with coins losing up to 15% of its value. Stellar Price has lost 5% in 24 hours and 20% since the start of the month. Will XLM price ever recover?
From the below content we will see how the price of Stellar Lumens reportedly declined heavily the moment after it moved past the $0.1000 key support position against the USD. After that Stellar price broke another key support area at $0.0900 before it got to a monthly low point of $0.0805.
Via the 4-hour chart analyzing trade for the XLM/USD pair, we can see a major bearish pattern forming with resistance at $0.0900. It is looking like the XLM/USD pair may correct at a higher area although upside movements still look like a possibility close to the $0.0900 or the $0.0935.
We will also learn that the price of Stellar Lumens also declined below the $0.10000 mark against the USD. The price of Stellar Lumens is currently trading downward. Any form of recovery might suffer more selling interest. Let’s see the full details analyzed below:
Stellar Extended its Decline Under $0.1000 Last Week
In the past week, the price of stellar lumen extended its decline further under the $0.1000 support position against the USD. The XLM/USD pair also move past the key support point of $0.0920 before settling well under the 55 SMA via the 4-hour chart. The price of XLM traded under the $0.9000 and $0.0850 levels in the last few trade sessions. Finally, the XLM price traded near the $0.0800 area. A new swing also formed close to $0.0805.
Going by the current price movement, XLM is correcting above $0.0820. However, the $0.0860 position is acting as resistance with the 23.6% Fib retracement point via the last drop from $0.1058 to $0.0805. In addition to the above, there is also another major bearish trend line forming with resistance at the $0.0900 point via the 4-hour chart of the pair. In the event that there’s an upside break, XLM price will probably struggle near the $0.0930 or $0.0950 areas.
Stellar Bulls Main Hurdles is at $0.0980 and 1.77 0.1000
The 50% Fib retracement area via the latest drop from $0.1058 to $0.0805 low is close to the $0.0932 point. The primary hurdles for the bulls is between the $0.0980 and $0.1000 areas. Moreover, the 55 SMA via the 4-hour chart is also close to the $0.0980 area to act as a significant resistance level. Hence, XLM price will likely face many hurdles through the upside near the $0.0932, $0.0980 and $0.1000 areas.
Conversely, if XLM price doesn’t recover above the $0.0900 area or the $0.0930 point, we could see another price drop for XLM. An immediate support area is at the $0.0820 position, under which the price of Stellar Lumens may revisit $0.0805 which is a swing low. If we see more losses, the price of XLM may break $0.0800 which is a support position.
Stellar Price Prediction: Stellar Lumens Price is Facing Many Hurdles Near $0.0930
The XLM/USD chart indicates that the price of the digital asset is presently facing many hurdles via the upside at $0.0930. Therefore, many price recoveries will happen which could take XLM price to $0.0805.
MACD line is reducing its bearish action slowly. RSI is currently under the 40 level and looks bearish. The key support points are at $0.0820 and $0.0800. While the resistance positions are at $0.0900, $0.0930 and $0.0980.
Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.