The cryptocurrency industry continues its struggle to stabilize its price as major cryptocurrencies continue to trade in the red. Stellar Lumens experiences the same situation as the XLM price has been trading in a descending trend for almost two weeks now.
The bulls have failed multiple attempts to break out of the pattern, resulting in the price losing its value. Following the dip, the price has been trading in a descending pattern, and the 50-day EMA is moving along its resistance trendline.
Stellar Lumens has been trading between $0.114 and $0.1138 for quite some time now and is hovering close to its crucial support level. Further, the coin is on the verge of a pattern break, which can result in either way. The price has recently displayed a morning star pattern, indicating a bullish signal for the Stellar price.
The RSI average trades below the mid-point, indicating a weak buying and selling power, and has failed multiple attempts to break out. Further, the averages have displayed a spike, indicating a possibility of the price retesting its levels soon.
On the other hand, the MACD has been displaying minor dumps in its charts, indicating a weak price action. Moreover, the charts were recently seen rising, indicating a possibility of a bullish movement in the coming days.
If the Stellar coin manages to hold the price, then the price will continue to trade in the consolidated range. If the market gains momentum and bulls come into power, the price will start trading positively and test its resistance level of $0.1138 this week.
Further, if the price continues to trade on a bullish note, the coin will experience a rally and test its upper resistance of $0.1165 this month.
On the flip side, if the market fails to gain momentum, then the price will continue to dip in the coming days. If Stellar price breaks down the support level of $0.1114, then the price will continue to fall and test its support level of $0.1087 by the month-end.
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