TRENDING:
BoE Interest Rate
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Stellar Technical Analysis: XLM/USD at risk of dropping facing strong resistance ahead

  • XLM/USD has dropped 11% in the past 24 hours after an overall market weakness.
  • A cluster of indicators is showing that XLM is facing a strong resistance area in the short-term.
Stellar Technical Analysis: XLM/USD at risk of dropping facing strong resistance ahead
Lorenzo StroeLorenzo StroeIndependent Analyst

Stellar is currently trading at $0.091 after losing the daily uptrend. There has been a clear shift in momentum for the bears which are now in control and facing almost no support levels on the way down. 

XLM/USD 12-hour chart

XLMUSD

There is a huge area of resistance present above $0.096 from the EMAs and the upper band of the Bollinger indicator. The price was already rejected from $0.1 following the recent news of Bithumb’s fraud charges and seizure of its headquarters. 

Bulls are currently trying to defend the lower band and we could see a bounce in the short-term, however, the overall selling pressure will continue existing.

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

More from Lorenzo Stroe
Share:

Editor's Picks

Ripple and Stellar outlook: XRP and XLM rebound amid mixed signals

Ripple and Stellar outlook: XRP and XLM rebound amid mixed signals

Ripple and Stellar extend their recovery on Thursday after finding support at key technical levels. However, mixed derivatives and on-chain data for both altcoins suggest that traders remain cautious and have yet to show strong conviction in a sustained rebound. Derivatives data shows a mixed and cautious outlook among traders.

Crypto Overview: Bitcoin steadies above $76,000 amid Fed rate hike – Privacy coins rally

Crypto Overview: Bitcoin steadies above $76,000 amid Fed rate hike – Privacy coins rally

Bitcoin holds steady around $76,000 at press time on Thursday, showing near-term strength as the US Federal Reserve raised interest rates by 25 bps. Privacy coins, Zcash and Dash, post double-digit gains over the last 24 hours, emerging as top performers. Bitcoin hovers around $76,200 on Thursday holding steady after a 3% decline on Tuesday.

Bitcoin slips below $76.7K True Market Mean amid weak demand — Glassnode

Bitcoin slips below $76.7K True Market Mean amid weak demand — Glassnode

Bitcoin (BTC) has slipped below its recent trading range and the True Market Mean at $76,700, but the top crypto has remained relatively resilient despite a failed Clarity Act Senate vote, FOMC rate hike and a broader altcoin sell-off.
Bitcoin, crypto market see muted activity following FOMC rate hike

Bitcoin, crypto market see muted activity following FOMC rate hike

Bitcoin (BTC) traded above $76,000 on Wednesday as the Federal Reserve raised its benchmark interest rate by 25 basis points, bringing the federal funds target range to 3.75%-4.00%. The unanimous 12-0 decision marked the Fed’s first rate hike since July 2023.

Bitcoin: BTC retreats as macro headwinds grow

Bitcoin: BTC retreats as macro headwinds grow

Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.