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简介XLM/USD price is $0.072 and is turning massively bearish as the highly reliable evening Doji star fo...
![](https://coinjournal.net/wp-content/uploads/2020/09/02-Stellar.jpg)
XLM/USD price is $0.072 and is turning massively bearish as the highly reliable evening Doji star forms on the monthly chart.
The technical picture for Stellar’s XLM token is strongly bearish as a candlestick pattern on the monthly chart appears.
As of writing, the XLM/USD pair is trading around $0.073, largely unchanged over the last 24 hours. However, with prices capped below a strong resistance area, a validation of the pattern and a combination of technical signals on lower time frames could see the price tank to new lows.
On the flip side, a strong showing on LTFs could invalidate the bearish outlook if bulls hold prices above the psychologically important level of $0.070.
Stellar traded as high as $0.119 on August 17th but has been in a downtrend since to see its price sink to lows of $0.066. While a slight upside between September 23rd and 24th lifted part of the gloom, a subsequent reversal has seen bulls capped below the 50 MA and 200 EMA. These areas on the longer time frame offer strong rejection points.
Looking at XLM/USD on the monthly chart we see that the cryptocurrency has formed the evening Doji star. This candlestick pattern presents with three candles: you can pinpoint a long green candle, then one with an extended upper shadow but with an insignificant body, and finally a red candle that extends lower.
The XLM/USD pair has this pattern formed; suggesting added selling pressure might see it register further downward action.
![](https://coinjournal.net/wp-content/uploads/2020/09/02-image-1-13.jpg)
On the weekly chart, the XLM/USD pair has crossed under the lower trendline of an ascending channel formed from June lows of $0.059 to August highs of $0.119. The cryptocurrency is also changing hands below the 50 EMA that provides resistance at $0.078.
As noted above, keeping prices above $0.070 is essential if bulls can prevent any would-be downside from bringing into play the 50 MA line at $0.068. Below that, the next refuge is at $0.46
As such, bulls need to break above the short-term moving averages to retain any chance of revisiting the important area around $0.08.
If the prevailing sell-off pressure sustains, the technical outlook for XLM/USD would be decidedly bearish. An advantage to the bears means prices around $0.068- $0.06 is the next target. The RSI continues to slope, suggesting sellers still have the upper hand.
![](https://coinjournal.net/wp-content/uploads/2020/09/02-image-2-10.jpg)
If we look at the daily chart, the price of Stellar against the US dollar is capped by a strong hurdle at the 23.6% Fibonacci retracement level of the downswing from highs around $0.119 to lows of $0.07. That hurdle is at $0.08.
![](https://coinjournal.net/wp-content/uploads/2020/09/02-image-3-3.jpg)
The 100 EMA ($0.083) and 50 MA ($0.087) are followed by the 50% and 38.2% Fibonacci retracement levels that offer the next challenge at $0.09.
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