- XLM/USD is the worst-performer among the top-10 coins
- Critical support comes at $0.3000.
Stellar (XLM) is the 6th largest digital coins by market value with capitalization $5.6B and average daily trading volume settled at $72M. On a daily basis XLM lost over 3.5% after a failed attempt at $0.3250 on weekend. The coin is changing hands at $0.3000, down 14% from the recent peak reachd at $0.35 on July 25.
Stellar’s technical picture
On the intraday basis, XLM dipped below local support levels created by 50- 100 and 200-SMAs (1-hour chart). The price needs to recover above $0.3140 to mitigate short-term bearish pressure and proceed to $.3250 with further bullish aim at $0.3300. On the downside, a sustainable movement below $0.3000 will increase the bearish pressure and open the way towards $0.2800.
From the longer-term perspective, break below $0.2600 level, strengthened by 50% Fibo retracement from the recent upside movement, will signal the reversal of the bullish trend.
XLM/USD, 1-hour chart
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