Technical Analysis for XLMUSD for 7th December 2021
Stellar Lumens Fell 40%, Will XLM Dump below $0.25?
Past Performance of XLM
Stellar Lumens' price remains under intense selling pressure despite early Asian session revival.
When writing, the XLMUSDT pair is within a bear breakout pattern, sliding below $0.30—a former support line now resistance—reversing gains of October 2021.
What to Expect of XLM
The XLM coin is down 40 percent from Q4 2021 highs.
At this pace, sellers have wholly wiped out gains of early Q4 2021.
Most importantly, price action now skews for sellers following losses over the weekend.
Therefore, reading from the XLMUSDT price performance, as long as prices trend below $0.30, every low might be an entry for determined sellers targeting September 2021 lows of around $0.25—last week's lows—and later H2 2021 lows of $0.20.
Stellar Lumens Technical Analysis
Aforementioned, the XLMUSDT is within a bear breakout pattern as per the development in the daily chart.
Although the $0.25 level is relevant and is expected to be an important reaction level, deeper losses confirming the December 4 crash would invalidate the uptrend—cementing bulls.
In that case, the current selling momentum would propel sellers, forcing the coin back towards $0.20 in continuation of last week's losses.
Resistance level to watch: $0.30
Support level to watch: $0.25
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