Stellar Price Analysis: XLM bears are determined to revisit monthly horizontal support
- Stellar prices remain pressured below key SMAs while fading Tuesday’s bounce.
- Bearish MACD, weak RSI also favor sellers, four-day-old falling trend line adds to the upside barriers.
Having failed to sustain the bounce off of $0.1527 on Tuesday, XLM/USD prints near 3.0% intraday losses, at $0.1576 now, while extending the pullback from key SMAs during early Wednesday.
Although the recent corrective moves eye $0.16, buyers are less likely to enter until the quote stays below 100 and 200-bar SMA, not to forget a descending resistance line from last Thursday.
Even if the XLM bulls manage to cross the 100-bar SMA level of $0.1700, the $0.2000 threshold and the monthly peak surrounding 0.2085 can add filters to the upside.
On the flip side, the $0.1500 round-figure offers immediate support to the XLM bears targeting horizontal support comprising lows marked since November 24, around $0.14000.
While bearish MACD suggests the Crypto pair’s further downside past-$0.1400, November 22 top near $0.1145 can test the sellers as RSI might have turned oversold by then.
XLM/USD four-hour chart
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Trend: Bearish
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
