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.
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.
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