Stellar Price Analysis: XLM bears are determined to revisit monthly horizontal support
Finance
2020-12-23T03:47:51Z
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Having failed to sustain the bounce off of $0.1527 on Tuesday, XLM/USD prints near 3.0% intraday losses, at $0.1576 now, while extending the pullback

  • Stellar prices remain pressured below key SMAs while fading Tuesday’s bounce.
  • Bearish MACD, weak RSI also favor sellers, four-day-old falling trend line adds to the upside barriers.
  • Stellar prices remain pressured below key SMAs while fading Tuesday’s bounce.
    • Stellar prices remain pressured below key SMAs while fading Tuesday’s bounce.
  • Bearish MACD, weak RSI also favor sellers, four-day-old falling trend line adds to the upside barriers.
    • Bearish MACD, weak RSI also favor sellers, four-day-old falling trend line adds to the upside barriers.

    Having failed to sustain the bounce off of $0.1527 on Tuesday, XLM/USD prints near 3.0% intraday losses, at $0.1576 now, while extending the pullback from key SMAs during early Wednesday.

    Although the recent corrective moves eye $0.16, buyers are less likely to enter until the quote stays below 100 and 200-bar SMA, not to forget a descending resistance line from last Thursday.

    Even if the XLM bulls manage to cross the 100-bar SMA level of $0.1700, the $0.2000 threshold and the monthly peak surrounding 0.2085 can add filters to the upside.

    On the flip side, the $0.1500 round-figure offers immediate support to the XLM bears targeting horizontal support comprising lows marked since November 24, around $0.14000.

    While bearish MACD suggests the Crypto pair’s further downside past-$0.1400, November 22 top near $0.1145 can test the sellers as RSI might have turned oversold by then.

    XLM/USD four-hour chart

    Trend: Bearish

    From: FXSTREET