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Stellar Lumens (XLM) Embarks on a Reversal Trend, Trades Around its Major Support
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[Image: AjZO3GyQ.jpeg]
Stellar Lumens (XLM) Embarks on a Reversal Trend, Trades Around its Major Support Level of $0.0665
  • Stellar takes a downward turn, after trading around $0.070. 

  • XLM continues to have an even intense selling pressure. 

  • The intraday movement appears to be bearish.
Stellar Lumens is ranked amongst the top 15 coins in the global market. Stellar coin slips below $0.070 and exhibits a reversal trend with a downward motion. XLM price was rightly trading above $0.070 in the past 7 days until yesterday when it took a reverse turn. Also, the Stellar coin was trading around $0.074 on 14th August that left an impression that XLM would trade beyond $0.075 and have a new weekly-high price mark. 

XLM to USD Price Chart by TradingView:

The XLM price chart is a data feed from Coinbase as on 21st August at 04:28 UTC.

[Image: XLM-Chart-1024x444.png]
XLM Price Chart by TradingView

XLM Price Comparison:

As observed from the above 4- hourly movement of the coin, XLM started the day trading around $0.068. Around 03:30 UTC, the coin slid even lower with 75% candles reflecting a reversal trend that led to a downward motion and XLM currently trades at $0.0666. Stellar Lumens embarks on a bearish journey and therefore needs a push that can lead the price to cross $0.070 for a bounce back. The market cap has also slipped from $1.38 million to $1.35 million and even below. The stellar lumens price has plunged by over 4% when compared with the 24-hour high price ($0.070).

Technical Indicators:

The Bollinger Bands show a bearish trend as the price trend breaks below the lower band and the candles have a 75% reversion. Today, just sometime back, the expansion of the bands indicated towards having an increasing volatility which led to this fall.

The current Stellar price is notably below its 10-day SMA ($0.070404) and the coin trades with a selling pressure.

The MACD of the coin shows a negative outlook with a bearish crossover, as the signal line overpowers the MACD line.

The RSI of the coin is slightly above 30, but has a strong inclination towards the oversold region.

by Mehak Punjabi

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