- XLM token gives a successful retest after the breakdown from $0.33
- The XLM/BTC pair was trading at 0.000008897 BTC with a gain of 0.97%
- The 24 hr trading volume for XLM is 790.68Mn.
XML token gives a breakdown from a crucial level $0.33 in the daily time frame, this also the Fibonacci level 0.618 which only adds more to the importance of this level, on Saturday price gave a retest, that is, it tried to find resistance from the $0.33 to check the validity of this level as resistance. Thus the retest was successful as price got rejected from that level giving long wicks, followed by today’s price drop.
About the EMA, XLM is trading below all vital EMA’s 20, 50, 100, and 200 indicating a solid downtrend formation. Investors can also 20, and 200 EMA are about to give a bearish crossover supporting the bears.
The RSI (BEARISH) is currently at 35, indicating a strong bearish momentum, with no significant sign of reversal yet.
The Downtrend In 4hr Time Frame Leads XLM To The Lower Levels.
In the 4hr time frame, the XML token shows a downtrend reflected by a valid resistance trendline. The price continues to follow this trendline as it has tested multiple times, and the downtrend will remain intact until the price breaks this trendline.
The MACD indicator (BEARISH) moving below the neutral zone(0.00) indicates the presence of bearish movement. However, multiple crossovers of the signal line and MACD line suggest an unclear motive of price in any direction.
Conclusion- From the technical perspective, investors can see the price has just broken a crucial support level of $0.33 and shows sustainability below it. Continuing to fall, the next substantial support XLM token can find is at $0.228 (also the traditional pivot level S3).
Support: $0.288Resistance: $0.33