The price of Stellar Lumens is a tough nut to crack at $ 0.40. With this, XLM is on the way to an indispensable level that will decide its fate. Like most of the cryptocurrency market, Stellar has spent the past two weeks in limbo, going through a period of pricing. And soon we will find out which route the prize will take.
Stellar Lumens (XLM / USD) has recently seen a return to form. Bitcoins’ rise to $ 50,000 has encouraged investors to return to the unpopular altcoin market in droves. As a result, many coins and tokens have enjoyed incredible bull runs. And some, like Cardano (ADA / USD), have even surpassed the highs seen earlier this year. However, despite a 114% gain from its July low, Stellar was still half its May level. In addition, XLM has now surrendered 20% of the rally. Not only has this thwarted the chances of an outbreak, but it has also put the Stellar Lumens Price in danger of collapsing.
XLM price forecast
On the daily chart, we can see that Stellar has tested the resistance of a downtrend from the May high of $ 0.80438. And since Aug 16, the trend at $ 0.3800 has consistently declined the price. This is worrying for the cops.
After failing to break the trend resistance, XLM has fallen towards a narrow group of moving averages, the 50 DMA at $ 0.3207, the 100 at $ 0.3330, and the all-important 200-day value at $ 0.3358. With an XLM trade at $ 0.3415 (-2.37%), we will soon see if the averages will stop the decline. If not, then horizontal support at $ 0.3000 must be required. And failure to hold that level would signal a return to the July low of $ 0.1950.
That bearish outlook is only relevant, however, while the Stellar Lumens price remains below the trendline at $ 0.3800. A closing price above this level would invalidate the bearish call and indicate that XLM is breaking higher.
Stellar Lumens Price Chart (Daily)
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