XLM coin experiences a notable downward trend and thereby loses support from the imminent moving averages viz., 50-day and 200-day.
Stellar Price Analysis
Taking a glance at XLM/USD price movement on Coinbase, we see that the coin is on a continual downswing. The intraday has been quite a despair as the price of the coin slid below $0.062, which resulted in a gradual slide below 38.20% Fib Retracement level. The price trend is breaking through the lower 20-day Bollinger Bands laid and exhibits a bearish divergence due to intraday movement. However, the 20-day Bollinger Bands do not project about any vulnerable volatility in the upcoming days.
Aligning the market crash that happened over the past 24 to 48 hours, the king of cryptos has also tested support as low as $8,500, meanwhile. All the major altcoins have lost a notable value over the past two days and are yet to make a comeback, as Stellar price dips below the support at $0.060.
As per the current momentum, XLM coin is making intraday accumulation and is seen as having slight bullish crossover as well when it spiked above $0.062 after $0.0556. Therefore, on the upside of the currency experiences a price escalation, Stellar crypto is likely to face resistance at $0.062 and $0.065.
Technical Indicators
The technical indicators laid to hold a bearish divergence as the signal line crosses above the MACD line of Stellar, and the RSI is seen inclining towards the support at 39.08.
