- XLM coin chart shows the 100 EMA and 200 EMA are on the verge of giving a bearish crossover
- The XLM/BTC pair was trading at 0.000006878 BTC with a loss of 8.49%
- The 24hr volume of XLM coin is 323.9 Million
The XLM coin showcased an attempt to cross the crucial support of $0.23. If the candle gives closing below this support level by the end of the day, it could provide an excellent short opportunity for XLM traders, as the next strong support is directly at the $0.2 mark. The current price of the XLM token is $0.230, with an intraday loss of 1%.
Regarding the EMA’s, XLM token is trading below all crucial EMA’s 20, 50, 100, and 200, confirming a strong bearish trend. In addition, investors can also notice the 100 and 200 EMA are also on the verge of giving a bearish crossover, luring more sellers into the market.
The RSI (BEARISH) value is at 33, indicating strong bearish momentum in the coin.
XLM Coin Respecting The Levels Of Falling Parallel Channel Pattern
The XLM coin shows a highly reliable falling parallel channel pattern in the 4hr time frame. This pattern could provide multiple shorting opportunities for XLM traders whenever the price reverses from the overhead resistance trendline. In addition, the traders can also plot the traditional pivot levels in their chart as they provide remarkable confluence with the SR levels of the 4hr time frame chart providing an extra edge for XLM trades.
The MACD indicator (BEARISH) shows bearish sentiment in the coin as both the MACD line and the signal line move below the neutral zone(0.00).
Conclusion: From the technical perspective, the overall trend of the market is strongly bearish. And as mentioned above, the price is resonating in a falling parallel channel. This pattern can help the XLM coin to reach the $0.2 mark, providing great shorting opportunities along the way.
Resistance– $0.23, $0.25