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Crypto Technicals: XLM/USD breaks strong trendline support, hits 9-week lows, bias bearish

XLM/USD chart - Trading View 

Exchange - Kraken

Support: 0.0862 (May 9 low); Resistance: 0.0991 (5-DMA)

Technical Analysis: Bias Bearish

XLM/USD has broken strong trendline support, bias is strongly bearish.

The pair has hit 9-week lows at 0.0876, and is currently trading at 0.0893 at 07:20 GMT.

Technical analysis shows further weakness in the pair. Price action extending weakness below 200-DMA.

Volatility is rising and RSI nicely converging with price action. ADX is rising in support of downside. 

Markets look forward to Stellar's Meridian Conference event scheduled in Nov for cues to boost value.

For now, bears eye 0.08 (Mar 2019 low). Further weakness will see test of 0.0775 (88.6% Fib).

Immediate resistance is seen at 5-DMA at 0.0990. Break above 200-DMA required for upside continuation. 

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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July 2 15:00 UTC Released

DKCurrency Reserves

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449.6 Stale

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451.7 Stale

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USISM NY Biz Conditions

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50 %

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48.6 %

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2016 bln ARS

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-1541 %

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2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 835276835276m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 823456823456m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 823456823456m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 823456823456m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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