The post XLM Price Fails To Break Out Of Its Important Resistance! Is Stellar Coin Dead? appeared first on Coinpedia Fintech News
The crypto space has seemed to have cooled off as the market has been trading sideways for almost a week now, indicating a reduced price action. Despite the strong bullish sentiment the market had displayed recently, Stellar price failed to break out of its important level, suggesting a decline in the demand for this token in the industry.
The XLM price has been trading below the key resistance level of $0.1165 since mid-September. Stellar has made multiple attempts to break out of it but has failed, as the bears constantly pull back the price.
TradingView: XLM/USDT
Following the market pump, the XLM coin made another attempt but failed, after which the price lost momentum and broke down its support level at $0.1138.
The coin recently attempted to break out but failed again as the bears managed to pull back the price below the resistance level, indicating a bear power in the market.
After the massive price spike, the MACD displayed a constant red histogram, indicating a decrease in the buying and selling power of the coin. Further, a bullish momentum ignited, and the chart started trading in the green, suggesting an increase in the buying pressure.
Will XLM Price Reagin Value?
If the bulls hold power and break out of their key resistance level at $0.1165, the coin will gain massive momentum and make a run to test its upper resistance level of $0.1194.
Further, if the market continues to hold the momentum, XLM price will prepare itself to test its resistance level of $0.122 in the coming days.
Negatively, if the bears overpowered the bulls and pulled the price below the support level of $0.1138, the Stellar coin would lose momentum, resulting in the coin preparing to test its lower support level of $0.1114. Moreover, if the bears continue to dominate the market, the Stellar price will fall toward its crucial support zone of $0.1087 by the weekend.
