Stellar Lumens [XLM/USD] Technical Analysis: Bears bring the stellar coin to the ground

Stellar Lumens [XLM] is currently the fifth-largest cryptocurrency in the world, and the bear is shoving it to the ground just like other cryptocurrencies such as Ethereum [ETH] and XRP.

Stellar Lumens currently holds a market cap of $3.45 billion and it is only a couple hundred million away from taking over Bitcoin Cash, for the second time. The 24-hour trading volume is $90 million and the majority of is pouring in from Binance, one of biggest cryptocurrency exchanges in the world.

1 Hour

The uptrend for Stellar extends from $0.1770 to $0.1846, while the downtrend extends from $0.2568 to $0.1890. The prices are being supported at $0.17707. The resistance points for the cryptocurrency are at $0.2087, $0.2212 and $0.2413.

Parabolic SAR is flashing a bullish call for the coin as the dots are aligned below the candlesticks, pushing them above.

Aroon indicator shows an uptrend reaching its full strength as the green line has hit the top.

The Awesome Oscillator shows a bullish crossover occurring as the green line are spiking above the zero line. Awesome Oscillator shows that the short-term momentum is increasing faster than the long-term momentum.

1 Day

The downtrend for Stellar Lumens begins from $0.4350 only to end at $0.2061. The chart shows that there is no significant uptrend. The support can be seen holding steady at $0.1768. And, the resistance points are set at $0.2807, $0.3336 and $0.3693.

The Bollinger Bands have started to wide as volatility is being pumped through the entire market. Prices are declining faster to the bottom moving away from the simple moving average line seen in the indicator, which is nothing but a bearish presence indication. The prices have reached an oversold point.

The MACD indicator shows a bearish crossover to the bottom, while histogram is covered in red.

The RSI is haemorrhaging and has reached the 30 line, which indicates an oversold state for XLM.

Conclusion:

All the indicators are showing a massively bleeding out and the price of stellar as a result has bottomed at $0.18 with the exception of Parabolic SAR and Aroon that are indicating bullish trend.