STELLAR PRICE ANALYSIS & PREDICTION (April 6) – XLM Poises For a New Drawdown as it Approaches Key Support
XLM’s daily outlook appears bearish following a significant loss in the past week. This came after failing to push above a key level last month and is now back in a downward range, looking ready for another crackdown.
After witnessing a small recovery in March, XLM marked resistance at $0.3 and slowly resumed bearish in the late month. This led to dramatic reductions in the past week and is now looking weak on the daily chart.
Currently, the selling pressure looks low, but we can expect it to increase as soon as the supply level rises. As we can see on the hourly, things have been falling apart in the past hours as the bears aim to close the week strong.
Last month’s low is considered a key level for a breakdown. If that happens, we may see a huge drop capable of causing a catastrophic loss in the near term. Inversely, a stronghold at the monthly low could trigger a rebound.
From the look of things, the bears are likely to gain more dominance in the coming week due to the rising supply. Currently, the bulls are off the market. Even if they show up, they must push above the yearly high to consider a trend shift.
XLM’s Key Level To Watch
Source: Tradingview
The key breakdown support to watch in the last dip is $0.227. After that, a new multi-month low may come around $0.189 before retracing. For more dips, there’s also support at $0.15, along with the key $0.1 level.
Aside from the $0.3 level held as resistance, the $0.376 level is marked as a key resistance for a breakup. Above this resistance level lies $0.51.
Key Resistance Levels: $0.3, $0.376, $0.51
Key Support Levels: $0.227, $0.189, $0.15
- Spot Price: $0.25
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
The post STELLAR PRICE ANALYSIS & PREDICTION (April 6) – XLM Poises For a New Drawdown as it Approaches Key Support appeared first on The Merkle News.