Lorenzo Stroe
Independent Analyst
- XLM/USD has dropped 11% in the past 24 hours after an overall market weakness.
- A cluster of indicators is showing that XLM is facing a strong resistance area in the short-term.
Stellar is currently trading at $0.091 after losing the daily uptrend. There has been a clear shift in momentum for the bears which are now in control and facing almost no support levels on the way down.
XLM/USD 12-hour chart
There is a huge area of resistance present above $0.096 from the EMAs and the upper band of the Bollinger indicator. The price was already rejected from $0.1 following the recent news of Bithumb’s fraud charges and seizure of its headquarters.
Bulls are currently trying to defend the lower band and we could see a bounce in the short-term, however, the overall selling pressure will continue existing.
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