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Stellar (XLM) Turned Sell On Rallies: $0.1000 Holds The Key

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Stellar lumen price failed to break the $0.1200 resistance and declined recently. XLM broke the key $0.1100 support level and tested the next major support at $0.1000, where buyers emerged.

  • Stellar lumen price settled below a crucial support area near the $0.1100 level.
  • There is a key bearish trend line in place with resistance at $0.1100 on the 2-hours chart.
  • XLM is likely to face a strong selling interest near $0.1090 and $0.1100 levels.

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Stellar Lumens Price Analysis (XLM To USD)

In the past few sessions, there was a strong drop in altcoins such as Ethereum, ripple, cardano, bitcoin cash, EOS, litecoin and stellar lumen. Earlier, XLM price failed to surpass the $0.1200 resistance area, resulting in a bearish reaction below the $0.1120 and $0.1100 support levels.

Stellar Lumen Price Analysis XLM Chart

Click to Enlarge Chart

Looking at the 2-hours chart of XLM/USD, the pair declined sharply below $0.1100 and settled below the 25 simple moving average (2-hours). The pair traded close to the $0.1000 support level and it is currently correcting higher.

It broke the 23.6% Fib retracement level of the last decline from the $0.1155 high to $0.1000 low. At the outset, the price is struggling near the $0.1050 level and the 25 simple moving average (2-hours).

However, the main hurdles for the bulls are near $0.1090 and $0.1100 (the previous support levels). There is also a key bearish trend line in place with resistance at $0.1100 on the same chart.

Besides, the 50% and 61.8% Fib retracement level of the last decline from the $0.1155 high to $0.1000 low is also near the $0.1100 resistance area. Therefore, a successful close above the $0.1100 level is must for a strong rebound in stellar lumen above in the coming sessions.

If XLM price fails to rebound above $0.1100, it is likely to slide back towards the crucial support at $0.1000. Additionally, if there is a downside break below the $0.1000 support, sellers are likely to take control and the price could drop towards $0.0920. Going forward, bitcoin price action is likely to impact major altcoins and stellar lumen in the near term.

The market data is provided by TradingView, Bitfinex.

The post Stellar (XLM) Turned Sell On Rallies: $0.1000 Holds The Key appeared first on Blockonomi.

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