The week-long recovery spree of Stellar Lumens saw a bearish break-out yesterday as a downward price momentum took place. It is to be noted that the market is still bearing aftershocks even after it faced massive losses recently a week ago.
XLM coin opened yesterday above $0.039, where it was holding a bit bullish bias. The coin rose and reached above $0.040 to face a steep resistance there. After that, it pulled back, and then it couldn’t gain its bullish momentum back.
Stellar cryptocurrency formed a few lower highs, and it broke support levels at 50% Fib level and 38.20% fib level. The currency closed the day at $0.0365 with a bearish bias. Today, the XLM coin has been maintaining stability until just now, but recently, the coin has dragged its support level down.
The coin is trading below both the moving averages while the 200-day EMA line poses as a resistance level. Moving averages are showing a bearish picture as the short-term SMA line is on the downside. Moreover, the MACD chart is in the negative zone with its Signal line on the upside while RSI of Stellar is approaching the oversold zone.
