Stellar (XLM) Price Analysis: Bearish Momentum Builds Below Key Moving Average
- XLM is trading at $0.28942, staying below the 9 EMA, which signals short-term weakness.
- Price hovers near the lower Bollinger Band at $0.28543, reflecting increased selling pressure.
- RSI is at 37.47, indicating weakening momentum with room to slide further before reaching oversold levels.
- MACD shows a bearish crossover, aligning with the RSI to support the current downtrend.
Stellar (XLM) is trading at $0.28942, showing a slight decrease of 0.52% over the last 4-hour candle. The market is currently displaying a bearish short-term trend, with momentum indicators and price action suggesting a continued downside bias unless a reversal signal emerges.
EMA and Bollinger Bands Suggest Growing Bearish Pressure
The 9-period Exponential Moving Average (EMA) is currently at $0.29389, and XLM is trading below it. This crossover is a classic sign of short-term weakness.
The Bollinger Bands show the upper band at $0.31224 and the lower band at $0.28543, with the price leaning closer to the lower band. This indicates heightened selling pressure, as the price continues to reject the middle band and fails to gain bullish traction.
Bearish Signals Dominate XLM as Support Nears
The 14-period Relative Strength Index (RSI) stands at 37.47, with a trailing average of 42.67. This drop in RSI from recent higher levels indicates that buying momentum is weakening. A fall below the 30 threshold could push XLM into oversold territory, but for now, the indicator confirms ongoing bearish sentiment with room for further downside.
The Moving Average Convergence Divergence (MACD) shows a bearish crossover. The MACD line is at -0.00111, while the signal line is at -0.00218. The histogram remains negative, reinforcing the current bearish momentum. This alignment between MACD and RSI adds weight to the probability of further downward movement unless a bullish catalyst appears.
Overall, Stellar (XLM) is in a short-term downtrend, facing resistance near the $0.294$0.298 zone. As long as price remains below the 9 EMA and the RSI fails to rebound above 50, the trend remains tilted toward the downside. Traders should watch the support near $0.28543 (lower Bollinger Band) for a potential bounce. However, failure to hold this level may expose further losses toward the $0.28 area.
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Text source: TronWeekly
