XLM Technical Analysis: Buyers Fail To Surpass Confluence Of Resistance

XLM price action shows a relief rally failing to surpass the confluence of a long-coming resistance trendline and the psychological mark of $0.15. Key technical points: The XLM market value decreased by 7.58% today at press time. The price action shows a high likelihood of a retracement to $0.11. The 24-hour trading volume of Stellar is $206 Million, indicating a hike of 15%. Past Performance of XLM XLM prices generated a long-coming, highly bearish resistance trendline due to the falling trend started after the failure to surpass the $0.25 mark. The falling trend takes support at the $0.11 mark to form a double bottom pattern with a neckline at $0.15. However, the breakout attempt fails due to the high supply resistance trendline, 50-day EMA, and horizontal level. Source- Tradingview XLM Technical Analysis XLM prices showcase a diagonal trend close to the confluence of resistance levels displaying a bullish refusal against depreciation. Hence, traders can expect a delay in the trendline breakout but the daily candle turning bearish increases the likelihood of a downslide to $0.11. The falling EMAs maintain a bearish alignment representing a solid correction phase in motion. Moreover, the 50-day EMA (red) provides resistance to the bullish recovery. The MACD and signal lines show an uptrend, but the fall in buying pressure can be seen in the declining direction of the bullish trend in histograms. Therefore, the bearish crossov...