|Key XLM resistance levels||$0.14, $0.16, $0.18|
|Key XLM support levels||$0.1, $0.085, $0.07|
*Price at the time of publication
Stellar price long term trend: Bearish
Since May 16, Stellar has turned downward after touching the $0.16 price level, testing the upper wedge before closing on a reversal candle (inverted pin bar) which has led to the current bearish scenario in the market. The XLM price is now steady around the $0.122 level.
Buy/Sell Stellar Lumens (XLM)
How to Buy Stellar Lumens on Binance?
The slow bearish move is approaching the lower wedge, and it may bottom at the $0.1 support level in the next few days of trading. As it appears on the daily RSI, the sloping trend has positioned the XLM market closely beneath the 50 level. The bearish cross is yet unclear. If it becomes significant, we can expect the token to meet the aforementioned support.
More so, the XLM price may further drop to the $0.085 and $0.07 levels, which lie below the wedge. On the other hand, an upward movement may as well turn the market positive towards the $0.14, $0.16 and $0.18 resistance levels. If this scenario occurs, the bulls would regain control of the market.
For now, the bears are in control of the market. Observing the daily MACD, the token is currently revealed at the zero level. A bearish cross could expose the market to potential supports.
Stellar price medium term trend: Bearish
From the medium-term perspective, Stellar has appeared to be following a descending wedge pattern as the sellers have been assuming control of the market for about a month now. The bigger picture is clearly revealed on both the 4-hour MACD and RSI indicators, which are now trending at their lowest levels.
In the past 24-hours, the XLM market has displayed choppy price action. While in the middle of consolidation, the market is indecisive as the next move is yet unknown. Following the trend, we can expect the next price at $0.11 support, where the lower trend line lies. If the price breaks down the wedge, selling pressure may locate further support at $0.1 and $0.09.
However, if a bullish surge occurs, the bulls may find resistance at $0.13, $0.14 and $0.15 levels. By then, the indicators will resume the bullish trend. At the moment, the Stellar bears are gaining momentum.
Stellar price short term trend: Bearish
The bigger scenario is very clear on the short-term graph as the bears have maintained lower lows and lower highs within a channel boundary. Stellar has been in the middle of consolidation since yesterday. Like we said earlier, the token could play out on both sides.
For the bear sides, close support lies at the $0.117 and $0.114 supports, bringing the price to the lower channel. Should selling pressure further below the above supports, we can expect a hold at $0.1, a crucial level for the market.
Looking at both the hourly MACD and RSI indicators, the XLM market is revealed in the positive area. If the indicators continue the positive move, the $0.127, $0.131 and $0.135 resistance would be the next buying target for the bulls. Nevertheless, the bearish trend is dominant.