Stellar Appears Bearish on Daily Chart; Trades Below $0.100
Stellar network is redefining the future of the remittance market, and the way payments are done throughout with the current traditional system. With this, Stellar is also easing the process of transferring money, including faster and cheaper transfer.
On the other hand, just as the altcoin market is seen booming, Stellar Lumens (XLM) is seen breaching an 11-month high above $0.12 but is currently trading with a pullback below $0.10 at $0.095. Moreover, XLM is volatile crypto and is currently testing supports below $0.100. The intraday momentum is not promising, and hence, the coin draws a bearish crossover on the daily chart.
Stellar, at the time of penning down this analysis, was trading at $0.095 after a bearish crossover below $0.100 and breaching the 11-month high. XLM coin is already breaching the lower 20-day Bollinger Band, while, it has already lost support from MA50 at $0.1006. A further dip can lead to testing supports at 38.20% Fib level, while the coin is still holding support from MA200 at $0.071.
Additionally, the Stellar Lumens was drawing a complete uptrend against the greenback on the daily chart and extended its gain above 61.80% Fib level in June 2020. Due to intraday bearish blow, XLM lacks a steady momentum to rise above the recent 11-month high, and as we near the closing of the month, we notice a negative bias.
The other two technicals load confirm the bearish divergence on the daily chart, as the MACD chart draws the negative crossover and the RSI is seen inclining towards the support and currently lies at 43.02.