XLM Price Drops Below $0.10 as Bears Take Control

• Stellar Lumen (XLM) price is struggling below the $0.100 resistance zone against the US Dollar.
• There is a major bearish trend line forming with resistance near $0.0935 on the 4-hour chart.
• XLM price could extend losses if it stays below $0.0950 and there could be a recovery wave if it clears the $0.095 resistance.

Stellar Lumen Price Analysis

Stellar lumen price is trading below $0.0950 against the US Dollar, similar to Bitcoin, after failing to close above the $0.100 resistance level. There is a major bearish trend line forming with resistance near $0.0935 on the 4-hour chart (data feed via Kraken). If XLM stays below $0.0950, it will extend its losses; however, if it clears the $0.095 resistance, there could be a recovery wave in play for Stellar Lumen price.

Resistance Levels

On the upside, Stellar Lumen price is facing resistance near the $0.0922 level which is close to 23.6% Fib retracement level of recent decline from swing high at$ 0 . 0948 to low at$ 0 . 0896 . The next major hurdle for bulls lies at$ 0 . 0932 , which is around 55 simple moving average (4 hours ) and 76 . 4 % Fib retracement level of recent decline from swing high at$ 0 . 0948 to low at$ 0 . 0896 . The first major hurdle forbulls remainsnear$ 0 . 0950 levels while they attempt an upside break above this mark

Support Levels

On the downside, initial support sits nearthe$ 0 . 0895 level whilethemain supportisnearthe$ 0 .088 zoneAnymore lossescouldleadthepricetowardthe$ 0 .0850levelintheneartermbelowwhichtheprice mightevenretestthe$ 0 .0820mark inthelongterm

MACD and RSI Indicators

The MACD forcryptocurrencypairXLMisgainingmomentuminthebearishzone whereasRSIisnowbelowthesignificant 50 level indicating morelossesforthiscryptoassetincomingdays

Conclusion

Overall, StellarLumenpricecouldstartamajordeclineifthereisa clearmovebelowthe$0..088supportlevelandthemovementofthe pricewilldependonhowwellitcanclimbpastthemajorsupportand resistancenearby