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Bears are trying to seize the initiative after a few days of market growth, according to CoinStats.
XLM/USD
The rate of XLM has gone down by 3.41% since yesterday.
On the hourly chart, the price of XLM has set local support at $0.2918. If sellers' pressure continues and the daily bar closes far from that mark, the decline may lead to the test of the $0.2850 zone.
On the bigger time frame, the rate of XLM is going down after a false breakout of the formed resistance of $0.3079.
If the bar closes below yesterday's candle's low, traders may expect a test of the support level by the end of the week.
From the midterm point of view, one should pay attention to the candle's closure in terms of the support of $0.2813. If the bar closes below it, the fall may continue to the $0.25 range.
XLM is trading at $0.29 at press time.
Vladislav Sopov
U.Today Editorial Team