Stellar price analysis: XLM/USD struggling to break down resistance heading into $0.50, as price knocked back again
- XLM/USD has been knocked back by resistance heading into $0.50, down 6% on Monday.
- As the bulls are taking a breather, near-term support seen at $0.42 and then $0.36.
The Stellar price is seen down over 6% on Monday, one of the outperformers across the crypto market. General cooling across the market is observed, as there are several key areas of resistance seen for most of the major altcoins.
XLM/USD has been knocked back south, after enjoying a decent run of gains within the recent trading weeks. This could very well be a mild form of consolidation, ahead of the continued firm move to the upside, as bulls are proving a trend change.
Technically, XLM/USD attempted to break down the early $0.50 area, the last time traded here was back on 24th January. As the bulls are taking a slight breather from the recent run, near-term support is seen at $0.42, then $0.36.
XLM/USD daily chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
