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Stellar Lumens Trades Under Bearish Grip, Fails to Gain Momentum
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[Image: stellar-1.jpeg]
Stellar Lumens Trades Under Bearish Grip, Fails to Gain Momentum
  • XLM has started this month on a bearish note, the drop has been extended over the last couple of days. A close above $0.063 within the next two days can trigger a fresh increase.

  • Stellar Lumens has broken below $0.06200 yesterday, and today the coin is trading around $0.0614 to $0.0616.

  • Stellar price picked up a bit yesterday, but later saw rejection near $0.0626. Technical indicators paint an ambiguous picture for the coin.
Stellar Lumens is trading with a sluggish approach since mid-August as it has been trading below $0.070. Notably, the coin was above $0.1 till 10th July this year and its current scenario shows how the coin has gone through a major price shift with a bearish bias.

When the altcoin opened yesterday, it was pulling back near $0.0627 from its previous price surge near $0.0635. Over a day, XLM has traced lower highs near $0.0628 and $0.0626.

After tracing an impulse wave, Stellar coin has started forming a bearish trendline before closing. Yesterday, after seeing bottom at $0.0614, XLM price gained by 1.91% before witnessing a pullback of 1.89%. Today, the coin is yet to show any noticeable price movement as it remains around $0.061.

Intraday chart

[Image: Stellar-Price-Chart-2.png]
Stellar Price Chart

The chart shows how the coin has been failing to sustain any uptrend after the surge above $0.062 over a day. Here, both the SMA lines (50-day and 5-day) are heading for a crossover without indicating any upcoming bullish move. RSI for XLM/USD appears stable near 50, while MACD chart is about to enter the bullish zone with its MACD line above the signal line.

Stellar price may face resistance at $0.063, $0.0638 and $0.0644, while its support levels can be at $0.0615, $0.0610 and $ 0.0601.

by Ruti Vora

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