- XLM token price travels under a symmetrical triangle influence and might give a decisive move soon.
- Currently, the coin price is trading below the 50 EMA despite a recent volume burst.
- XLM/BTC pair faced an intraday fall of 1.27% as it traded at 0.00001058 BTC.
XLM token price fell almost 65% before finding support near the $0.30 level. The coin price managed to rise higher, but eventually, it created a symmetrical triangle in the 4-hour timeframe. The crypto asset fails to sustain above the 50 EMA even after a short boost in buying volume.
The coin price bottles up inside the pattern, and one can expect the price to break out soon. However, either side move is possible. XLM token trades at $0.382 with an 8.5% fall in intraday trading volume. Nonetheless, the coin market capitalisation has managed to rise 0.78% in the past 24 hours.
XLM Token Struggles To Rise, 50 EMA Opposes The Bulls
XLM token faced a 65% fall after the price got rejected from the $0.77 level. The coin price has recovered some of that loss since finding support from the $0.30 level. The symmetrical triangle made in the shorter timeframe develops into a more bearish pennant structure.
The coin price may find support from the $0.22 and $0.10 levels below the design. Furthermore, on a bullish breakout, the coin price may find resistance at levels $0.50 and $0.61.
The coin price consolidates between 50 (yellow) and 200 (white) EMA as per the daily timeframe. A Death Cross possibility becomes a reality as the 50 EMA slopes down.
The RSI (Bearish) indicates an increase in bearish momentum as the RSI line is dipped and makes lower highs head deeper into the overbought zone.
Conclusion – XLM coin price is exhibiting a bearish pattern in the daily technical chart. Also, the technical indicators of the coin pose underlying bearishness. One can suspect the token price to be the fallout of the pattern resulting in the continuation of the fall.
Support- $0.22 and $0.10
Resistance- $0.50 and $0.61