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![Stellar Lumens [XLM] approaches supply zone as longer-term bias look…](https://cryptonoiz.com/wp-content/uploads/2022/06/PP-2-XLM-cover-1000x600.jpg)
Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought of funding recommendation.
Since November 2021, Stellar Lumens has registered a collection of decrease highs on the value charts. There have been particular person rallies upward for the crypto asset, equivalent to a 28% rally in early February and one other 30% transfer upward in March. But, the general path has been to the south, and this pattern appeared prone to proceed within the days to return.
XLM- 1 Day Chart
Supply: XLM/USDT on TradingView
In mid-March, together with most different altcoins, XLM additionally noticed a speedy surge upwards. It rose from $0.18 to $0.24, a close to 30% transfer in simply over two weeks. In April and Might, the sentiment shifted bearish as soon as extra, because it had been since January.
Stellar Lumens fell beneath the $0.18 assist and retested the identical stage as resistance earlier than plunging but once more. In Might, it reached the $0.1 lows and revisited these lows in June as effectively.
The market construction was firmly bearish in current weeks. To the north, the $0.125 and $0.154 resistance ranges loom giant. The $0.154 is an area excessive and would have to be damaged for the longer-term construction to flip to the bullish facet.
The $0.12-$0.13 resistance zone seemed to be firmly within the arms of the sellers. A transfer to this space would extra possible see the continuation of the downtrend than a pattern reversal.
Rationale
Supply: XLM/USDT on TradingView
The momentum indicators on the every day timeframe additionally painted a bearish image. The RSI has been beneath impartial 50 since April, an indication of the downward momentum behind XLM. The MACD was additionally beneath the zero line. Therefore, at press time, the momentum remained pointed southward, though a small push upward to $0.12-$0.13 may happen.
To exacerbate consumers’ woes, the OBV has been in decline since April as effectively. This indicated promoting quantity was better than the shopping for quantity and acted to substantiate the downtrend. The OBV didn’t sign a pattern reversal both. The Parabolic SAR (dotted white on value charts) additionally gave a promote sign on the time of writing.
Conclusion
Till the $0.12-$0.13 resistance zone was flipped to a requirement zone, the longer-term bias for Stellar Lumens would stay bearish. A transfer to this provide zone would possible supply promoting alternatives.
