Stellar Lumens News Today – the price of XLM reportedly initiated a fresh decline after it failed to move past $0.0735. The coin’s value is currently changing hands beneath $0.0700 and the 55-day SMA. There was also an important bearish pattern forming with resistance at $0.0688. The XLM/USD pair could continue moving downwards until it reaches the $0.0605 and $0.0600 areas which are both support positions. The price of Stellar price is trading in the bearish zone against the USD, a lot like Bitcoin’s price action. XLM price could drop significantly if it doesn’t stay above $0.0605 which is a key support position.

XLM Price Rose Above $0.0680 and $0.0700 Both Resistances

Over the last week, the price of Stellar above the $0.0680 and $0.0700 areas both of which are resistances. However, the XLM/USD trading pair didn’t succeed in moving higher above $0.0720 and $0.0735 both resistances as well. The bulls also failed to gain any traction, which resulted in a bearish reaction under $0.0700. XLM price broke $0.0680 which is support level and the 55-day SMA via the 4-hour chart.

The recent drop was such that the coin’s price dropped below $0.0650. It also traded down at $0.0635. It is currently moving higher. There is an initial resistance close to the $0.0655 area. The first major resistance can be seen at $0.0680 and the 55-day SMA via the 4-hour chart. It is near the 50% Fib retracement via the recent decline from $0.0720 to $0.0635.

XLM’s Main Resistances Seat at $0.0690 and $0.0700

The main resistances are $0.0690 and $0.0700. There’s a key bearish pattern forming with resistance at $0.0688 via the 4-hour chart. The pattern coincides with the 61.8% Fib retracement via the last decline from $0.0720 to $0.0635. If there’s an upside break ahead of this trend line and $0.0700, the coin’s price will go higher. The next resistance is at $0.0735 above which the bulls will take over.

The price will continue lower to $0.0615 and $0.0605 both support areas. Any further drops may spark a decline to $0.0500 in the near-term. XLM price is facing an uphill task at the $0.0680 and $0.0700 price position. The price of XLM will likely find strong buying interest at the $0.0605 area. The MACD pattern for the coin via the 4-hour chart is gaining pace within the bearish area. RSI for the XLM/USD pair is below the 50 level. There are key support positions at $0.0615 and $0.0605. The key resistances include $0.0680, $0.0700 and $0.0735