Stellar Lumens price analysis declined in the 24-hour session, with an overnight adjustment of 1.54%. Bulls struggled to break through a bearish channel in the last hours of yesterday’s trading before being pushed near $0.3602.
The Bollinger’s band was broken and the coin rose to an intraday high of $0.2726 on the daily chart before quickly bouncing back to $0.2609. From here the market can go in both directions; However, our indicators show that we will lose money in the next 24 hours.
According to price analysis by Stellar Lumen, the average price for Stellar Lumen is $0.2564. The middle range indicates that the variability is evenly distributed across the 24-hour chart. Total cryptocurrency trades fell 7.7% to $5.9 billion on Monday, according to CoinMarketCap. This shows that traders are still licking their wounds after rising 9.29% the previous day.
According to this Stellar Lumens price analysis, the probability of a breakout is practically zero, but if it happens, resistance will be at $0.3197 and $0.3390.
SINCE YESTERDAY, the MACD histogram is showing several small red bars, indicating that the momentum is slowing down. The Relative Strength Index (RSI) has yet to break below a key support line, preventing additional selling pressure during the previous decline.
The domestic high of $0.36, which was reached at 6:30 UTC on September 21, proved sustained and as a result the price fell to new lows.
On this price chart, the pair Stellar Lumens XLM/USD rose to $0.2733 as the bears tried to press for a pullback. Take Profit traders may be responsible for creating a delivery area around this area.
The MACD histogram in our daily Stellar Lumens price analysis shows a short red band, indicating that the short-term momentum is heading to the bears. Only a few green bars were seen on the chart a few hours ago, when the price was still at $0.2700, to overcome the selling pressure and retest the uptrend.
Without any significant news affecting XLM/USD trading, the pair will likely continue to see moderate fluctuations for at least 6-12 hours. Keep in mind that Stellar Lumens’ previous 24-hour price analysis showed a bearish trend for cryptocurrencies in general.
The RSI is currently at 37, in the neutral zone, and looks set to fall further. This suggests that the bears are in control and are more likely to produce lower peaks for the next 24 hours.
During the last 24 hours, the price of Stellar Lumens has been stuck in a weak trend which could continue for another 24 hours. Seller is active around $0.2800 – $0.3000. To keep them from being pushed out of established growth channels, more buyers will need to enter the market to continue.
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