Shedding more than 20% loss in a week, XLM is back on a selling mode after taking a two-week break. Rejecting the monthly low, it will likely resume pressure as soon as the supply level increases XLM recently took a break in selling after testing a low of $0.26 earlier this month. It managed to retrace to $0.37 after a week and the price remains stuck under this level for a couple of days. Last week, it initiated drops and slowly resumed selling after failing to sustain retracement. That drop became highly volatile this week and the price slipped, but the monthly support stood firm. A breakdown there will confirm a continuation pattern on the higher timeframe. Meanwhile, the latest bearish move is targeted at $0.15. Once the price hits this level, we may see a nice retracement before resuming bearish. Failure to hold the target level could result in more dips until it finds a key support level. Currently, there are no signs of a buy as the bears are gaining control. An exhaustion of the selling should give the bulls an opportunity to step back. As of now, they are off the market. For now, XLM is still painting a strong bearish picture on the short-term trend with a lower low and lower high pattern on the daily chart. Though its mid-term bullish sentiments are still in play, it may completely fade off as the price continues to roll over. XLM’s Key Level To Watch Source: Tradingview The $0.26 support is still holding in the latest lower movement. Looking ahead, the support level to consider for a dip is $0.22, followed by $0.189 in the near term. In case of a retracement, the flipped $0.3 level is now held as resistance. A climb above this resistance could allow more retracement to $0.35 and $0.41. The higher resistance level for a test is $0.51. Key Resistance Levels: $0.3, $0.41, $0.51 Key Support Levels: $0.26, $0.22, $0.189 Spot Price: $0.283 Trend: Bearish Volatility: Moderate Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency. Follow us on Twitter @nulltxnews to stay updated with the latest Metaverse news! Image Source: mysteryshot/ 123RF
