Maintaining a downward rally, the XLM coin price continues a crash after facing an intense overhead resistance at $0.16. Leading to a resistance trendline formation, the sellers are making a clear line of control to keep the bullish growth in check.
With multiple lower high formations, the downtrend forces selling pressure on the crucial 100 and 200-day EMA.
Currently, the 50 and 100-day EMAs trap the XLM price trend in a sideways trend between the 50% and 38.2% Fibonacci level. The $0.119-$0.129 consolidation range signifies a brawl between the resistance trendline sellers and buyers at $0.119.
With an intraday fall of 2.15% at press time, XLM price tests the dominance at $0.119 and forms a second bearish candle. Reflecting a surge in supply, the downtrend possibility surges, too.
What’s Next For Stellar (XLM) Price?
The present sideways trend maintains a no-trade zone, as the breakout of 50% or 38.20% Fibonacci level will signal the next entry. Moreover, the XLM price action projects a double top possibility within the range, teasing a high chance for a downtrend continuation with a bullish trap.
A downfall below the 100-day EMA can put the 200-day EMA buyers at work to absorb another selling spark. This will put an additional load on the $0.10 psychological mark.
On the flip side, optimistically, if the uptrend breaks above the 50-day EMA, the XLM prices can prolong the bullish trend. Therefore, the uptrend can rechallenge for a dominance $0.142.
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