Stellar (XLM), which is currently the 4th largest cryptocurrency by market cap, recently broke its previous low and lost 7.25% over the last 24 hours. This is quite a big drop considering that most of the top 20 cryptos have slowed their descent and are forming support.
The recent break shows downtrend resumption and suggests that another leg of said downtrend has begun. Next support is located at 0.082, a price that was last reached in December 2017. However, before that mark can be touched, we will most likely see a bullish correction based on the oversold condition shown by the Relative Strength Index which is below its 30-mark. The overall bias remains negative.
Support zone: 0.082
Resistance zone: 0.11 (potential resistance; not confirmed at the moment) and the 2 EMAs
Most likely scenario: re-test of 0.11 from below, followed by sideways price action
Alternate scenario: possible move up based on the RSI oversold condition
The recent break shows downtrend resumption and suggests that another leg of said downtrend has begun. Next support is located at 0.082, a price that was last reached in December 2017. However, before that mark can be touched, we will most likely see a bullish correction based on the oversold condition shown by the Relative Strength Index which is below its 30-mark. The overall bias remains negative.
Support zone: 0.082
Resistance zone: 0.11 (potential resistance; not confirmed at the moment) and the 2 EMAs
Most likely scenario: re-test of 0.11 from below, followed by sideways price action
Alternate scenario: possible move up based on the RSI oversold condition
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