Stellar Lumens is posting small losses so far this Saturday, holding onto the price of $0.2400 level amid a dour mood witnessed across the crypto market.
XLM price has been on a steady decline since June 29 peak at a price of $0.3012, where a death cross was confirmed on the daily sticks. At the press time, the altcoin is trading just above the price of the $0.2400 barrier, having reversed Friday’s recovery gains.
As observed on the daily chart, XLM/USD pair has returned to the red zone after facing rejection once again just below the critical short-term resistance of the 21-Daily Moving Average, now at $0.2587.
Note that XLM price has been tagging beneath the 21-DMA level barrier since the May 19 flash crash.
Therefore, unless the Stellar XLM bulls seek a sustained break above the latter, the bearish bias is likely to remain intact going forward.
The 14-day relative strength index also helps justify the downbeat momentum, as it inches lower towards the oversold zone while trending continuously below the 50.00 level.
The immediate cushion is offered at the horizontal dashed trendline level connecting previous lows at around $0.2286.
If the selling pressure intensifies below the last, the bears could then target the June 22 low price of $0.1952.
Alternatively, daily closing above the 21-DMA hurdle could trigger a fresh advance towards a price of $0.30.
Further up, the bearish 50-DMA resistance of $0.3229 could keep the upside attempts in check.
0 Comments