Following the retest of the double top fallout, XLM prices underwent a sharp correction, as predicted in our previous price analysis. The downfall from the $0.14 resistance level retest brings a massive discount in the Stellar coin price.
Leading to multiple consecutive bearish candles, the XLM price falls by 20% to reach the 200-day EMA. The retest phase catalyzes the intense fall, coinciding with the overall market correction.
Breaking below the 50-day EMA and the 50% Fibonacci level, the XLM price breached multiple support levels to test the 200-day EMA. Absorbing the selling pressure at the junction of 61.80% Fibonacci level and 200-day EMA, XLM price sets for a short-term recovery.
With an intraday growth of 1.12%, XLM price extends the recovery to 4.12% in the last 48 hours. The recovery rally retests the broken 50% Fibonacci level and teases a prolonged recovery.
What’s Next For Stellar (XLM) Price?
The present recovery remains within a no-trade zone, as the breakout of 50% or 61.80% Fibonacci level will signal the next entry. Moreover, to revert the bearish sentiments, the XLM recovery must undermine the 10.42% drop bearish candle. Until then, there are strong chances for a downtrend continuation with a bullish trap.
Considering the uptrend breaks above the 50-day EMA, the XLM prices can continue the previous endeavor. Therefore, the uptrend can rechallenge for a dominance $0.142
On the flip side, the downfall below the 200-day EMA will put the $0.10 psychological mark in danger. As the downfall may reach the $0.094 mark.
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