Stellar Lumen (XLM) Struggles Amidst Bearish Market Trend

The recent performance of Stellar lumen (XLM) cryptocurrency against the US dollar has been marked by a bearish trend, with the price struggling to surpass the critical resistance level of $0.1125. This downward movement mirrors a broader slump in the cryptocurrency market, reminiscent of Bitcoin’s recent trajectory. The significant rejection at the 50% Fibonacci retracement level, which traces the decline from the $0.1167 high to the $0.1080 low, is a notable aspect of the observed price action.

Current Trading Scenario

At present, XLM is trading below the $0.1100 mark and the 55 simple moving average (SMA) on the 4-hour chart, indicating a bearish outlook for the cryptocurrency. It faces immediate resistance at $0.1100, with an additional resistance near the $0.1095 mark, highlighted by a bearish trend line.

Potential Market Movements

An upside break above the $0.1125 resistance level could potentially push the price towards $0.1145 and possibly even as high as $0.1165. However, should the price continue its downward trajectory, it could breach the $0.1080 support level, which could trigger further declines towards $0.1050 or even $0.1000. Under persistent bearish momentum, the price might even plummet to as low as $0.0950.

Market Indicators

The Moving Average Convergence Divergence (MACD) indicator is signaling a rise in bearish momentum, while the Relative Strength Index (RSI) is currently below the 50 level. These indicators suggest that sellers currently dominate the market.

As it stands, Stellar Lumens is valued at ZAR 2.06 per XLM, with a total market cap of ZAR 58,505,394,976.13, given its circulating supply of 28,409,387,358,347 XLM. The volume of Stellar Lumens traded has seen a 30.09% decrease in the last 24 hours, falling by ZAR 251,264,925.34. Moreover, ZAR 835,135,478.31 worth of XLM has been traded in the past day. The downward trend in the exchange rate of Stellar Lumens, currently valued at 1 XLM for ZAR 2.06, is indicative of the overall bearish trend in the market.