XLM’s price is tumbling relentlessly for the last 5-days. The market, too, is struggling to have a hold on bulls as all the coins are facing massive downside volatility again this month. Notably, the market capitalization of the whole crypto market has come down to $246,258,828,968 from $267,789,022,191 after many ups and downs.
All this while, Bitcoin has disappointed the crypto believers with its downward move below $9k. Now, the psychological price level of $10,000 has shifted a bit farther.
By now, the market is awaiting a power-packed bullish rescue so that the coins can see some upside for a more extended period of time. These days, every bullish rebound after a massive price plunge ends with a steep pullback; this kind of pattern has kept even the top coins in a turmoil.
This bearish nature of the market has triggered the selling sentiment to quite an extent. The crypto community fears, this can take larger chunks of investors away from cryptos, lessening the engagement. Such sentiments have affected the market, and in turn, altcoins like XLM.
XLM Testing Support with Signs of Recovery
Stellar cryptocurrency is actively testing the support levels at $0.064. The coin is more than 9% down from its 1-week high price level. Also, it has formed a few lower highs over these days.
Since today’s daybreak, the XLM price has stopped trading downwards, giving a moderately bullish signal. The recently formed bullish candles, too, are hinting an upcoming uptrend. The currency holds resistance levels at 50% and 61.80% fib level after the recent S/R flips. Till yesterday, the price of Stellar Lumens was consolidating there.
At present, the XLM/USD has just above the 1-week’s lowest price level. Moreover, all the technicals are in the bearish zone right now except for the MACD indicator. Stellar price is well below the 200-day EMA line while the moving averages are in the negative area. According to Stellar Lumens prediction and technicals, the coin might recover soon and regain the lost momentum.
