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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Sep 27, 2023 08:37 UTC
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XLM Price Analysis: Will Stellar Crash Under $0.10?
XLM price action shows a descending triangle pattern forming in the daily chart.
The falling prices grip close to the 200-day EMA and the $0.11 demand zone.
The breakdown below $0..11 will plunge the XLM price to $0.096.
With most of the altcoins reverting to their crucial support levels, the XLM price is back at the $0.11 demand zone. The demand zone is in confluence with the 200-day EMA to provide extra cushion to the Stellar Lumens price.
However, the recent spike in the incoming supply puts a big dent in the demand zone. It is evident by the sideways trend in XLM price rather than the previous sharp reversals.
With the recent 17% pullback from the resistance trendline dropping the XLM price to the $0.11 zone, the price trend goes sideways. The low range movement in the Stellar Lumens price shows a lack of bullish momentum to revert the price trend.
Moreover, the market price crosses under the crucial 200-day EMA, increasing the likelihood of a death cross. Nevertheless, the confirmation signal will remain the breakdown of the demand zone.
Currently, the XLM price is trading at $0.112 with an intraday gain of 0.37%, displaying a bullish attempt to avoid a breakdown.
Technical pointers:
RSI: With price movement taking a slow route, the daily RSI line is declining gradually to approach the oversold zone. This projects a weakness in the bullish momentum.
MACD: The MACD and signal lines are struggling to attempt a bullish crossover as the bearish histograms are ready to resurface.
What’s Next For Stellar (XLM) Price?
At present, the XLM price trend is at a crossroads as it hangs by a thread at $0.11. The recent pullback puts immense bearish pressure that makes the bearish breakdown seem inevitable.
With high hopes of sellers, the XLM price may drop to the $0.096 support level, accounting for a 13% decline. On the flip side, a bullish reversal will challenge the overhead resistance trendline.
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