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- XLM Coin price is trading bearish over the daily chart. The matter of discussion is whether bears manage to outrun the bulls or bulls are looking for a way out via bullish reversal.
- The XLM token is presently trading below 20, 50, 100 and 200-days DMA, which signifies the effect of sellers over the token.
- The pair of XLM/BTC is trading at 0.000004981 BTC with an intraday drop of 3.56%, whereas the XLM/ETH pair is CMP at 0.0000732 ETH with a 24-hour negative change of 2.35%.
XLM Coin price is currently at $0.20, and the token is trading downward under the control of bears. The buyers may look for an opportunity for a bullish reversal. By looking upon the current outlook of the market, the XLM coin is trading under the effect of short-sellers and needs to avoid falling into the bearish rally for a long interval of time. However, the 24-hour trading volume has significantly increased to 4.37%, notifying the traders’ eager attraction to the coin. Whereas the volume to market cap ratio is 0.04907, the market cap value of the XLM coin has significantly lowered by 4.13%.
XLM Coin Price is trapped under the short-sellers clutch by formulating lower lows over the daily chart. The investors need to wait for any directional change to expect the coin’s recovery from certain Support. The bulls need to look for Support before $0.075, which is the lowest swing by XLM token.
Who does Technical Indicators Favour?
XLM Coin favours bears over the daily chart. The technical indicators also exhibit the short-sellers trap over the bulls. The investors need to wait for any further directional change over the daily chart in the intraday trading session. Relative Strength Index forecast neutrality of the coin. As it’s currently CMP at the 42 mark, any directional change can be expected near 45. Moreover, the Bollinger band hasn’t given any sign yet. It will reflect any sign when the XLM price reaches the lower band after being bearish.
Moving Average Convergence Divergence (MACD) speculates the bearish momentum of the coin, and the MACD line dominates the signal line. The traders may expect any directional change as the MACD line and the signal line are about to show negative crossover.
Conclusion
The XLM token has been trading bearish since the start of the intraday trading session. The token needs to move out of the short-sellers clutch. The investors need to wait for any directional change over the daily chart. If the coin manages to get desired Support before $0.075, bulls may try for a strong bullish reversal.
Technical Level
Support Level: $0.16 and $0.075
Resistance Level: $0.45 and $0.79
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
