Stellar Lumens [XLM] loses its bullish momentum as bearish trend sets in: Technical Analysis
Stellar Lumens [XLM], the sixth largest cryptocurrency in the market in terms of the market cap seems to have lost its bullish momentum and is trading in the red. The coin rose by 3.31 percent on Wednesday, following on from a 5.68 percent rally on Tuesday, to end the day at $0.12311. Currently, XLM is trading at $0.1143, down by nearly 2.49 percent in the last 24 hrs. At the time of writing, the total crypto market cap stands at $130 billion and Bitcoin seems to have gained some ground and is trading at $3834.11. As there are signs of the return of the bearish momentum, most of the coins are trading in the red and have recorded moderate losses in the past 24 hrs. The onset of the New Year has brought some good news for the crypto community, but now it seems that bears are back in town.
At print time, the digital asset is trading at $0.1161 which is above the support level at 0.1136. The key resistance level is at $0.1238, which the currency has failed to breach and has retraced back to hover around the support at $0.1164. The bearish trend formed in late October seems to be intact. The hourly RSI indicator stands at 37.4989 which suggests that the currency is facing increased selling pressure. The bearish trend might cause a further loss for the coin. The MACD shows that the coin is in the bearish zone and it is showing a downward trend.
At the time of writing the digital asset is down by 1.09 percent and one XLM is equivalent to 0.00002981 BTC.
In the month of December, BitGo announced its support for Stellar. It is the first multi-signature wallet and custodial solution to support the digital asset Stellar Lumens [XLM] which is the asset owned by the Stellar network. XLM is an open source distributive ledger.
In an important development last November, XLM got listed on BitOasis, the Dubai-based Bitcoin and cryptocurrency exchange, which serves the Middle East and parts of North Africa.
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