XLM price eyes reversal
XLM price has a new 32% rise in recent days, which sliced through a supply barrier at $0.472. However, this ascent fell short of buying pressure a few ticks before another level at $0.551.
Since Stellar did not break this stage, the structure of the sector with a striking downwards trend seems to be intact.
A first line of protection to break the price of XLM is the demand zone that ranges from $0.476 to $0.509. Because of the recent failure to overcome $0.566, the tracing is most likely to have a special oomph, which enables it to divise the Simple Moving Averages (SMA) by 100 and 556 hours at $0.527 and $0.485, respectively, and to induce a $0.472 back test of the help barrier.
The actual market value of the remittance token is down about 10 percent.