- XLM coin chart shows a bearish crossover of the 100 and 200-day EMA
- The XLM/BTC pair was trading at 0.000006932 BTC with a loss of 4.07%
- The 24hr volume of XLM coin is 564.3 Million
After taking its second bounce from the June 22nd low, the XLM coin confirms the $0.2 as legitimate support, resulting in four consecutive green candles in the chart, rising back to the $0.28 resistance. However, the price shows some long higher price rejection candle at this resistance, suggesting that the price could reverse and enter into a consolidation phase.
Concerning the EMA’s, XLM token is trading below all crucial EMA’s 20, 50, 100, and 200, confirming a strong bearish trend. In addition, investors can also notice the 100 and 200 EMA have given a bearish crossover, which could attract even more sellers into the market. However, the 20 EMA restricts the price from plunging to the bottom by providing substantial support.
The RSI (BULLISH) value is at 53, indicating a slightly bearish sentiment in the coin.
XLM Coin Shows An Ascending Broadening Wedge Pattern
The XLM coin price is resonating in an ascending broadening wedge pattern in the 4hr time frame. The pattern is usually a breakdown from the bottom support trendline, providing an excellent short opportunity for XLM traders with a target till the $0.2 mark.
The MACD indicator shows a bearish divergence even though the price marks a higher high in the chart, indicating weakness in the bullish momentum. Thus another bearish crossover or the breakdown of MACD below the price will provide an excellent confirmation for a short trader. In addition, the histogram also shows a bearish sign with its long red bars.
Conclusion: From the technical perspective, the price shows a great chance of reversing from the $0.3 resistance, providing more confirmation to a sideways trendline in the XLM coin. Having said that, the trade can still look for good reversal trade from the crucial level to another inside in this range, providing some decent profits for them.
Support– $0.25, $0.22 $0.2
Resistance– $0.3
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