Stellar Lumens is looking to extend its correction from record XLM highs of $0.7165 into the third consecutive on Sunday, as the bears retain complete control amid a selling pressure wave witnessed across the crypto board.
The Stellar XLM price eyes deeper losses in the session ahead, as the technical setup remains tilted in favor of the bearish traders. At the press time, the altcoin trades around a price of $0.5950, shedding about 3% so far this Sunday.
As observed on the daily chart, XLM/USD pair is challenging Thursday’s low at $0.5781, as it extends its double top bearish reversal.
The 14-day relative strength index points south towards the midline, having taken a sharp U-turn from the higher support levels, suggesting weakening bullish momentum.
Therefore, the Stellar XLM sellers need a sustained move below Thursday’s low to extend their control.
The next crucial cap awaits near the price of $0.53 demand area, the confluence of the 21-daily moving average and the ascending trendline support level, which connects the two higher lows on the said time frame.
The 50-DMA support level at $0.4971 could challenge the bearish commitments if the price correction from all-time highs deepens.
However, the price of Stellar Lumens could rebound towards the price of $0.65 mark should the $0.53 support hold.
The next insight for the XLM buyers remains the record highs above $0.70.
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