XLM Price Drops Below $0.10 as Bears Take Control

admin 10. Mai 2023

• Stellar Lumens (XLM) Price is currently below the $0.100 resistance zone against the US Dollar.
• XLM price is facing resistance near the $0.0922 level and the major bearish trend line near $0.0935 on the 4-hour chart (data feed via Kraken).
• To start a recovery wave, XLM needs to clear above the $0.095 resistance.

Stellar Lumen Price Analysis

Stellar lumen price is trading below $0.0950 against the US Dollar, as bears take control of market dynamics. There is a major bearish trend line forming with resistance near $0.0935 on the 4-hour chart (data feed via Kraken). To start a recovery wave, XLM needs to clear above the $0.095 resistance level and move back towards its key support areas.

Resistance Levels

On the upside, Stellar lumen price is facing resistance near the $0.0922 level and the major bearish trend line near $ 0 . 0935 on the 4-hour chart (data feed via Kraken). The pair could start a recovery wave if it clears these levels and moves back towards its key support areas of around $ 0 . 095 .

Support Levels

Initial support on the downside for Stellar lumens is at around $ 0 . 0895 level , however, if there are further losses then it could move down further towards its main support area which lies at around $ 0 . 088 zone . Any more losses from here could push XLM price even lower to test its next potential bottom at around $ 0 . 0850 level or even retest $ 0 . 0820 in short term basis.

MACD Indicator

The MACD for XLM/USD is gaining momentum in bearish territory which indicates that bears are still in control of market dynamics and any bullish attempts will be met by selling pressure from traders who are looking to capitalize on this dip in prices of Stellar lumen token..

RSI Indicator

The RSI for XLM/USD is now below 50 indicating that bears have taken control over bulls in terms of momentum and any attempts by bulls to take back control will be met with strong selling pressure from traders hoping to make profits out of this dip in prices of stellar lumens token..