Stellar Lumens [XLM] enters consolidation phase as market turns bearish
Following a week of slow but steady gains, the market is back where it was last year and bulls have again taken control of the proceedings. The flag bearer of the community Bitcoin saw a dip of almost $10 billion in the last 24 hrs and is trading in the bearish trend zone. The world’s largest cryptocurrency by market value hit a 3.5-week low of $3,503 yesterday, before closing at $3,627, down by 9.4 percent. In an epic dump that washed out nearly $8 billion in a matter of hours saw the crypto market fall below the $130 billion mark and is currently hovering around the $122 billion mark. At the time of print, all the major coins including XLM are trading in the red and Stellar is down by 5.31 percent in the last 24 hrs and is trading at $0.108549.
The digital asset fell below the support level of $0.1136 and is currently trading at $0.1079. We can see a consolidation phase for the coin above the $0.1000 level, and it may correct a few points. The key resistance level for the coin is at $0.1237 which the coin breached on Thursday. Currently, XLM has entered a consolidation phase and is trading in the range of $0.1079 and $0.1137. The hourly RSI indicator stands at 40.8045 which suggest that the coin is experiencing high selling pressure and rapidly advancing to the oversold zone in the market. At press time, the MACD suggests that the coin is in the midst of a bearish momentum and the EMA 100 line points to a downtrend.
At the time of print, the digital asset is down by 1.82 percent and one XLM is equivalent to 0.00002945 BTC.
In an important development last month, Coinsquare, the Canada-based cryptocurrency exchange acquired BlockEQ digital asset wallet operating on the Stellar network. Announced on 6th December, the acquisition of the wallet amounted $12 million CAD, which is, equivalent to $9 million.
Earlier, in the month of November last year, the Dubai-based Bitcoin and cryptocurrency exchange, BitOasis which serves the Middle East and parts of North Africa announced the support for XLM tokens on the company’s digital exchange trading platform.
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