Stellar Lumens is speculated to reflect amazing momentum in the first quarter. The indications were quite favorable in the first fifteen days. However, from the beginning of this week, XLM coin experienced fluctuation and a marked bearish trend.
Recently, the currency is spotted registering downside movement. The coin might take some time to recover. The top guns of the market are also exhibiting fall.
XLM Price Analysis
Stellar crypto started dealing at $0.0610 on yesterday. The price slipped to $0.0595 by 2.57% in the next 2 hours. The coin price was spotted locked around $0.0593 for a while, and then, XLM price escalated to $0.06012 in the next 4 hours by a marginal hike of 1.36%. After this hike, the coin faced steep fall and reached to $0.05788 by 3.77%. Later, the Stellar coin tried to improve again and touched $0.0583 at 17:15 UTC. In the next 3 hours, the price dropped to $0.0570 by 2.38%. Further, the XLM price escalated to $0.0585 and closed the day. The day-long movement reflected a 4.30% regression in the price.
Today, Stellar price fell to $0.0566 in the first few hours of opening. The coin locked around the same level for some time, and further, it dropped to $0.0560 by 1.79%. If we look at technicals, the MACD line is an overlapping signal line and indicates that in the next few hours, the MACD line will trade below the signal line. Hence, the price may drop further soon. XLM coin is below its crucial support level $0.057 and it looks like that by the end of the day, the coin might breach the major support at $0.054.