Stellar Lumens (XLM) price is having a major pullback after another failed breakout attempt. The price briefly surpassed the $0.13 resistance last week but failed to find any strength due to increased selling pressure.
Consequently, XLM crypto is down 15.5% from its monthly highs and is eyeing more downside due to this week’s correction in the Bitcoin price. Most of the other cryptocurrencies are also experiencing increased selling pressure as many traders predict a much deeper pullback.
Nevertheless, the local bullish market structure in the XLM price remains intact as the price is yet to break the lower low, around $0.116. If this support level holds, there could be another retest of the $0.13 level in the coming days.
The chart above shows the clear fakeout from the $0.13 level and the following correction. In the coming days, the price may retest the 200 MA which is present at $0.1125. A breakdown below this moving average will make Stellar Lumens price prediction very bearish. Therefore, this level must be held by the bulls.
This post was last modified on Nov 17, 2023, 15:36 GMT 15:36