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Bulls are losing their initiative as most of the coins are in the red zone, according to CoinStats.
XLM/USD
The rate of XLM has fallen by almost 2% over the last day.
Despite today's fall, the price of XLM is rising after a false breakout of the local support of $0.2974. If bulls can hold the gained initiative, one can expect a test of the resistance by tomorrow.
On the bigger time frame, the rate of XLM has made a false breakout of the $0.30 level. The price is far from the key levels, which means none of the sides is dominating.
In this case, there are low chances of seeing sharp moves. All in all, sideways trading in the narrow range of $0.3050-$0.32 is the more likely scenario.
From the midterm point of view, the price of XLM has bounced off the resistance of $0.3251. If the bar closes far from that mark, traders may witness a test of the $0.30 zone soon.
XLM is trading at $0.3089 at press time.
Vladislav Sopov
Dan Burgin