Just like Bitcoin, #Stellar Lumens (XLM) is currently below $0.0820 against the US Dollar. Further losses could be expected if it continues to trade below the key support level at $0.0778.
Following a significant drop below $0.082, XLM entered a bearish territory against the US Dollar. Consequently, the XLM/USD pair fell below the $0.0800 level.
Additionally, there was a notable drop below the crucial support zone at $0.0765. The price experienced a dip and established a low close to $0.0752, following which an upward correction commenced. It managed to surpass the resistance levels at $0.0765 and $0.0778.
Furthermore, the price climbed above the 23.6% Fibonacci retracement level of the previous downward move, stretching from the swing high at $0.0862 to the low at $0.0752.
At present, #XLM is encountering a barrier around the $0.0810 level, which coincides with the 50% Fibonacci retracement level of the previous decline from the swing high at $0.0862 to the low at $0.0752.
Additionally, a significant bearish trend line is taking shape on the 4-hour chart, indicating resistance near $0.0812. XLM is currently trading below both the $0.0800 level and the 50-hourly simple moving average.
On the positive side, there is notable resistance ahead around the $0.0810 level, as well as the aforementioned trend line. If there is a decisive breakthrough above the $0.0810 zone, it could potentially propel the price towards the $0.0850 mark. Further gains beyond that level might even drive the price towards the $0.0900 level.
If XLM fails to overcome the resistance at $0.0810, its initial support on the downside can be found near the $0.0780 level. Subsequently, the next significant support level lies around the $0.0750 zone. If further losses occur, it could potentially push the price towards the $0.0730 level in the near term. Moreover, a break below this level might prompt a retest of $0.0720.
Price Analysis estimates that the market capitalization of this XLM is $2,147,061,436. The 24-hour trading volume of the coin is around $32,807,094.
KEY LEVELS :
RESISTANCE LEVEL : $0.0830-$0.0870
SUPPORT LEVEL : $0.0770-$0.0740
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.