The price trend of Stellar Lumens is on a descending stride as it falls from trading at $0.0582 to hit the support at $0.0560. The 9-day Moving Average falls in the trading channel but lacks providing active support. Similarly, the current trading price is lacking support from 21-day and 49-day Moving Average as well. The crypto market continued to trade stably yet bearish for quite some time now.
XLM Price Analysis
Analyzing the 15-day movement of XLM/USD on Coinbase, we see that the coin has formed a descending trading channel as it lacks support. Stellar moves with moderate volatility as it gives a mixed momentum throughout the said time frame. The fall in the previous week has been quite definite as it rapidly booked a regression of over 9%, dipping from $0.0560 to currently trading at $.0.05055.
The whole crypto market, including the major coins viz., BTC, ETH, and XRP, have been declining with moderate volatility since the last trading week of November.
Technical Indicators
The technical indicators also confirm the bearish signal as the MACD runs below zero, and the signal line overpowers the MACD Line.
The RSI of XLM coin is at 40.02 and remains inclined to the support line around the oversold region.
