Stellar spikes after a brief price accumulation in the initial week of the ongoing month and are currently trading below $0.050 at $0.0476. The coin drew consecutive higher lows from the 30-day high of $0.0525 and has failed to retain support from the daily moving averages. XLM/USD has lost the intraday traction as it draws a bearish candlestick below $0.050.
On the hourly chart, Stellar is facing an intraday correction against the US Dollar as it extends its bearishness due to loss of momentum. Simultaneously, we see a fine uptrend drawn after every weekly dip, and if XLM continues to form the same pattern, we should welcome the price around $0.045. As the price of XLM coin fell from $0.0490, it lost steady support from 50-day MA and is getting encircled by moderate selling pressure.
However, important to note that the RSI of Stellar has not slid below 30 on the hourly chart from the starting of the until the time of writing. We do have intermittent slides around 30, but as per the trend noticed, there had always been a rebound to cover.
As per the current trend and momentum of Stellar Lumens, the major support lies at $0.045 and $0.043, while the major resistance to look out for lies at $0.050 and $0.052. However, these weekly higher lows hit are brief to have a balance between the extremities.