- Stellar (XLM) signals red after falling from the past day’s high of $0.1124.
- XLM is registered at $0.1111 at press time.
- All major coins, except DOGE, have dipped in the past 24 hours.
The crypto market showed a red flag in the past 24 hours with a market cap of $1.02 trillion, a 0.6% down. Stellar (XLM), which ranks 26 in the market cap, is currently clocked at $0.1111, with a 0.55% dip.
However, Dogecoin (DOGE) is 14.06% up in the past 24 hours. This price surge happened after Elon Musk tweeted a picture of a dog wearing a t-shirt with the Twitter logo and a Halloween pumpkin carved with the same logo.
Taking a closer look, XLM is struggling to tap back at its past day’s high of $0.1124. If the 50-day EMA line hits the red candle, turbulence will likely make the price hike or dip.
Since October 10, XLM’s price has declined by over 13%. Although after this downtrend, the coin strived to cross the support zone of $0.1166, it could not break the zone for a good surge. Moreover, the nearest resistance zone for XLM is $0.1139. The price of the coin fluctuated above this zone on October 30 but went down $0.1095 in the past day.
Significantly, XLM has been trading sideways without breaking out from the $0.1315 resistance zone and $0.0992 support zone. This pattern for the coin started in June 2022. If XLM breaks this pattern, it could either soar back to $0.1315 or tumble down below $0.0992.
The 4-hour chart of XLM also indicates key elements for analysis. There is a downtrend in the 4-hour chart of the coin. As clear from the graph, XLM signaled green before falling off the cliff during the early hours of intraday trading.
Notably, the 50-day EMA line is a critical turning point for XLM as it is currently nearing the red candle.
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