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XLM Price Analysis: Price Rebounds From 5 Days Consecutive Losses on XLM/USD Past $0.0600, Stellar (XLM) Protocol 13 Now Live

XLM

In recent weeks, the Stellar Lumens token has become one of the most talked-about digital assets, it’s the Stellar network’s native token. While Stellar (XLM) retained its March 13 lows recovery mode alongside the bull run of BTC, the 14th placed cryptocurrency tumbled in value throughout June 2020. At the time of this post, XLM was trading at $0.0643 with a market cap of approx. $1.3 billion and $268.078.794 trading volume. Following a correction on the entire crypto market, XLM/USD price bounces from 5 days of consecutive losses past $0.6000. Losses stretched marginally beneath $0.0600 over the weekend, but XLM/USD recovered to $0.0649 intraday high. After several months of hard work, Stellar Protocol 13 update is now live as of June 18. Protocol 13 update brings a range of major changes to the Stellar network including fees bump, multiplexed accounts of first-class, and others.

*Following a correction on the entire crypto market, XLM/USD price bounces from 5 days of consecutive losses past $0.6000
*Losses stretched marginally beneath $0.0600 over the weekend, but XLM/USD recovered to $0.0649 intraday high
*After several months of hard work, Stellar Protocol 13 update is now live as at June 18

Key Levels
Resistance Levels: $0.0700, $0.0680, $0.0655
Support Levels: $0.0620, $0.0600, $0.0550

XLM/USD Daily Chart: Ranging

XLM/USD Daily Chart

Stellar Lumens (XLM) exchanges between the MA 50 and the MA 200. On June 27, after consecutive daily losses, the bears aggressively took the pair lower to hit the MA 200 and the channel support line at $0.0600 as seen on the daily. Since then, however, its price has rebounded to where it is likely to encounter resistance at $0.0680 horizontal resistance.

The MA 200 is sloping in a horizontal pattern that implies XLM/USD could range in the following sessions while the RSI remains in the negative zone, suggesting that the bears have the upper hands over the bulls. Instead, the risk is expected to continue its decline from near-term resistance of $0.0655. Its initial support is close to $0.0620.

XLM/USD 4-Hour Chart: Bearish

XLM/USD 4-Hour Chart

XLM/USD is moving inside the downside trend on the intraday chart, though recovery may be limited at $0.0655. Once it’s out of the path, with the next emphasis on $0.0680 and 4 hour MA 50, the upside is inclined to get traction. This barrier acted as the upper limit of the prior consolidation channel, so it has the potential to hold the bulls down.

The latest attempt at pullback from $0.0600 is likely to encounter resistance in the region between MA 50 and MA 200 for the short term. If the price goes down from this resistance zone, the bears may attempt to plunge the XLM/USD pair beneath $0.0600 one more time. The downtrend is likely to persist towards $0.0550, once sustained.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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