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Altcoins are struggling to hold their ground as fluctuations in the price of Bitcoin (BTC) open the door to new lows. Bearish formations are evident, and with little difference in volume between weekends and weekdays, investors may see deeper dips before the November 1st Fed meeting. Today, the focus is on XLM Coin. How much does this popular cryptocurrency aim to achieve?
Stellar (XLM) Coin Analysis
Readings on the daily chart indicate that XLM Coin has been in a downward trend since July 13th. Although this popular cryptocurrency made significant gains a few months ago, we mentioned that new lows could be seen due to the inability to maintain the important support level.
While competitors are trading sideways or downwards, XLM Coin is now returning its gains. The struggle to surpass $0.110 has been unsuccessful, resulting in a decreasing triangle formation. The price broke below $0.110 a few days ago and closed daily in this region, confirming the bearish breakout.
The price reached $0.101, the lowest level in 90 days, and the daily RSI suggests that the downward trend may continue. In normal circumstances, when the price and RSI are pointing in the same direction, a southward movement can be expected.
XLM Coin Price Prediction
As mentioned earlier, the chart indicates that this downward trend will continue. Another detail is the ascending parallel channel within the triangle. Since channels contain corrective movements, the upward movement here is expected to be short-lived, and that is exactly what is happening.
If the bearish formation is not broken, XLM Coin investors may experience a 30% loss, indicating a horizontal support area at $0.076. Although the bearish prediction is currently strong, closures above the resistance area of the triangle could reverse the situation.
If the resistance area is surpassed and RSI recovers, the bearish outlook will be invalidated, and the price is expected to target $0.14. Of course, the performance of BTC will also have an impact. The king of cryptocurrencies closed below $26,800 today. If these closures continue, further selling towards $26,000 and $25,500 can be expected.
At the time of writing, BTC is finding buyers at $26,737.
