Stellar Price Analysis: The Aggressive Bear Attack Is Quite Determined To Push The XLM Coin Back To The $0.2 Mark

Source- XLM/USD on Tradingview

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

Source- XLM/USD on Tradingview

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.

Support– $0.2

Resistance– $0.23, $0.25

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