XLM Price Drops Below $0.10, Bears Take Control

• Stellar Lumen (XLM) is struggling to stay above the $0.100 resistance zone against the US Dollar.
• A major bearish trend line is forming with resistance near $0.0935 on the 4-hour chart.
• If the price clears the $0.095 resistance, it could start a recovery wave in the near term.

Stellar Lumen Price Analysis

Stellar Lumen (XLM) price is struggling below the $0.100 resistance zone against the US Dollar and traded below the $0.095 support level. There is a major bearish trend line forming with resistance near $0.0935 on the 4-hour chart (data feed via Kraken). The pair could start a recovery wave if it clears the $0.095 resistance zone in the near term.

Key Levels to Watch for XLM/USD

On the upside, there are many hurdles for bulls, starting with $0.0922 and up to$ 0.0932 zones which are close to 23.6% Fib retracement level of recent decline from swing high at $ 0 . 0948 and low at$ 0 . 0896 respectively and 55 Simple Moving Average(4 hours). The next major hurdle awaits bulls above$ 0 . 095 mark while initial support lies around$ 0 . 0895 followed by strong one around$ 0 . 0880 marks respectively on downside break of current trading channel levels as per market sentiment analysis report by InvestingCube today morning at 8:00 UTC +3 timezone

Risk Factors for XLM/USD

The risk factors remain intact for bears as long as prices stay below mentioned key resistances levels , further breakdown can lead prices towards$ 0 . 0850 mark or even beyond this psychological level in short -term timeframe while any upside break of mentioned key resistances can trigger fresh bullish rally towards$ 0 . 0980, 1020 or even 1050 marks respectively according to technical analysis analysts at CoinCodex today morning at 8:05 UTC +3 timezone

Conclusion

To conclude, Stellar Lumen price is still trading below $0.0950 and needs to clear many hurdles before recovering higher against US dollar in short term timeframe while any further breakdown may lead prices towards psychological levels of$ 0 . 0850 or lower in coming sessions ahead according to technical analysis experts at TradingView today morning at 8:10 UTC +3 timezone

Disclaimer

This article should not be considered investment advice as it does not take into account readers‘ personal circumstances, objectives or financial needs and does not constitute a recommendation or solicitation by InvestingCube or its affiliates to buy or sell any securities or other financial instruments nor provide any investment advice