XLM Technical Analysis: Buyers Fail To Surpass Confluence Of Resistance 

Key technical points:

Past Performance of XLM

XLM prices generated a long-coming, highly bearish resistance trendline due to the falling trend started after the failure to surpass the $0.25 mark. The falling trend takes support at the $0.11 mark to form a double bottom pattern with a neckline at $0.15. However, the breakout attempt fails due to the high supply resistance trendline, 50-day EMA, and horizontal level.

Source- Tradingview

XLM Technical Analysis

XLM prices showcase a diagonal trend close to the confluence of resistance levels displaying a bullish refusal against depreciation. Hence, traders can expect a delay in the trendline breakout but the daily candle turning bearish increases the likelihood of a downslide to $0.11. The falling EMAs maintain a bearish alignment representing a solid correction phase in motion. Moreover, the 50-day EMA (red) provides resistance to the bullish recovery.

The MACD and signal lines show an uptrend, but the fall in buying pressure can be seen in the declining direction of the bullish trend in histograms. Therefore, the bearish crossover possibility increases, which will signal a selling spot. Furthermore, the RSI indicator displays a fall in the sideway trend below the halfway line, and the 14-day SMA projects a dip in the underlying bullishness. In a nutshell, the XLM technical analysis shows a high likelihood of a downslide in market value to the $0.11 mark.

Upcoming Trend

XLM buyers must wait until the trendline breakout and avoid giving in to FOMO as the chances of a bullish breakout decrease. On the other hand, the bearish reversal can shortly breach the $0.125 to test the crucial support level of $0.11.

Resistance Levels: $2 and $2.30

Support Levels: $1.75 and $1.50