Stellar Lumen (XLM) Price Shows Bearish Signs Against the US Dollar
Stellar Lumen (XLM) price is currently showing bearish signs against the US Dollar, as it struggles to break above the $0.085 resistance zone. The cryptocurrency is now trading below $0.085 and the 55 simple moving average (4-hours), indicating a potential decline in the near future.
According to data feed via Kraken, there is a key bearish trend line forming with resistance near $0.0840 on the 4-hours chart. This suggests that the XLM/USD pair could start another decline if there is a clear move below the $0.0820 support.
The failed attempt near the $0.090 zone has resulted in a fresh decline for the XLM/USD pair. The cryptocurrency traded below the $0.0865 support, moving into a bearish zone. The steady decline below the $0.0850 level and the 55 simple moving average (4-hours) has further added to the bearish sentiment.
To avoid more losses, the XLM/USD pair must stay above the $0.0820 support. However, if the cryptocurrency fails to hold this support level, it could lead to a further decline towards the $0.0800 level.
In conclusion, the Stellar Lumen (XLM) price is currently showing bearish signs against the US Dollar, and traders must be cautious of a potential decline in the near future. The XLM/USD pair must stay above the $0.0820 support to avoid more losses.
