Stellar Lumens dropped more than 2.5% this week after four consecutive sessions of gains. On Monday, Grayscale Investment announced that Stellar's network could achieve widespread adoption, positioning Lumens as a potential standard for international payments. Buyers pushed the token to $0.0705 on Wednesday, breaking above a downtrend line. But losses over the following 24 hours reversed the momentum.
XLM/USD price drops below key support line
Stellar Lumens dropped more than 2.5% this week after four consecutive sessions of gains. On Monday, Grayscale Investment announced that Stellar's network could achieve widespread adoption, positionin
Key Points
- Stellar Lumens dropped more than 2.5% this week after four consecutive sessions of gains.
- On Monday, Grayscale Investment announced that Stellar's network could achieve widespread adoption, positionin
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Bitcoin and Ethereum declined during Friday's Asian session, and Stellar fell in line with the broader market weakness.
The daily charts show vulnerability. XLM holds just above the downtrend line, but the setup has weakened. Bollinger Bands show minimal activity. Buyers must defend $0.0629 or watch the token sink toward the 200-day moving average at $0.0592, where bearish control would be confirmed.
Resistance lies at the 20-day simple moving average of $0.068 and the 50-day moving average of $0.070. The 50-day level had anchored support when XLM surged near $0.09 in June.
The MACD shows a bearish divergence, with the signal line crossing below and momentum faltering. The RSI turned upward in the latest session and broke into positive territory, suggesting sellers may be losing their grip.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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