Stellar Lumens hit below the lower 20-day Bollinger Band when it had marked a weekly bottom at $0.0469, while it has progressed by 10% in two days. However, this happens to be a notable dip in the market as the whole crypto market crashed, and Bitcoin price is also bottoming out below $8k with the lowest marked at $7.6k.
Stellar Price Analysis
Analyzing the above 4-hourly XLM chart against the US Dollar over the past 6 weeks, we notice a continual downslide from mounting at $0.0888 to hitting $0.0469, marking a loss of over 47% in less than 30 days. The 20-day Bollinger Bands laid are seen moderately widening, and thereby, the market for the coin is likely to face volatile trading days ahead. The recent dip has led the currency to lose imminent support from the 50-day and 200-day daily MA.
Taking an even emphasized view of XLM/USD on the daily chart, we see a head and shoulder pattern that is formed, and we project a bullish-to-bearish trend reversal, concluding that the price can dip even further. However, not only Stellar but Bitcoin, as well as major altcoins, were seen losing colossally over the weekend as the market crashed.
On a 4-hourly chart, Bitcoin against US Dollar is also witnessed forming a Head & Shoulder and records a steep dip as it hit bottom at $7.6k, and the further change is subject to volatility and momentum in the market. However, the lost support is in a way welcoming the selling pressure.
