Technical Analysis for XLMUSD for 3rd May 2022
Stellar Lumens at 16-Month Low, will XLM Prices Hold above $0.17?
Past Performance of XLM
Steep losses in April pushed Stellar Lumens prices back to Q1 2022 lows as aggressive XL sellers reversed gains posted in March 2022. Currently, XLM has support, but sellers are still in control until there are conclusive reversal patterns confirming bulls. XLM is stable in the previous trading day versus the USDT, dumping eight percent week-to-date.
Stellar Lumens Technical Analysis
Although prices are stable, sellers are in control. XLM found support at around $0.17, flashing with March and Q1 2022 lows. Considering the significance of the support level, traders may wait for trend definition. Ideally, gains above $0.19 in the daily chart may signal a shift in trend, favoring buyers and unwinding sharp losses posted at the tail end of last week. Conversely, a wide-ranging bear breakout below the Q1 2022 low marks another pace, driving XLM to new 2022 lows. In this case, XLM may slide to January 2021 lows of $0.13.
What to Expect from XLM
Current price action favors sellers. From the daily chart, XLM prices are in late 2022 territory, below 2021 lows. An unexpected breakdown at spot rates would see XLM bulls' hopes dashed.
Resistance level to watch: $0.19
Support level to watch: $0.13
Disclaimer: Opinions expressed are not investment advice. Do your research.
For more interesting tips and facts visit our Education Centre.
Have Questions?
We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!
Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.