At the time of publication, the value of XLM was $0.2841 while selling close to support was $0.2744.
Stellar one-hour chart
The XLM chart observed the price dropping inside the descending channel. The trading price of XLM was $0.4131 as it started its decline. It slipped through the support thresholds at $0.3616 and $0.3252. At the time of publication, the price was similar to the last amount of solid support of $0.2744.
Although the market was sliding and a bearish trend was apparent, there was no indication of heavy sales pressure on the market.
The 50 moving average was below the price bars as the price increased in the short term. However, when the price started to decline, the moving average passed the price bars, signalling an uptick in bearish market pressure.
The Relative Strength Index also shifted from the over-purchased zone to the over-sold zone. At the time of publishing, the valuation was shifting back to the balance zone, but it points at the consolidation process.
Whereas the Awesome Oscillator has now fallen below zero. The chart shows a falling market momentum, which was not only a bearish warning, but also indicated an increasing long-term momentum relative to the short-term.
Despite the sales pressure on the Bitcoin market, the XLM market seemed to be consolidating. The current price was close to the $0.2744 support, but this amount has not been achieved and the stock is expected to move sideways before signs of a price change are apparent.
Disclaimer: The conclusions of the following report are the personal judgement of the reviewer and should not be taken as financial advice.
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