Stellar Price Analysis: XLM/USD drops below pennant formation as bears take control

XLM/USD bears have taken charge following three straight bullish days.
MACD shows increasing bearish market momentum.

Rajarshi Mitra Independent Analyst

XLM/USD daily chart

XLM/USD bears took charge of the market following three straight bullish days. The price has gone down from $0.09833 to $0.0967, dropping below the pennant structure in the process. The bears must conquer the following support levels to continue this downward momentum – $0.0941, $0.0919 (SMA 20) and $0.0898.

On the upside, we have strong resistance levels at $0.09833 and $0.1044. The MACD shows increasing bearish market momentum. The RSI was trending horizontally next to the overbought zone but has since taken a slight dip to 69.94 following bearish price action.

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Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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