XLM Forms A Bearish Wedge And A Bearish Short-Term Trading Outlook

XLM forms a bearish wedge pattern and a bearish short-term and medium-term trading outlook as we are about to see further in the XLM news today.

Stellar has formed a bearish short-term and medium-term trading outlook and the four-hour time frame shows a bearish wedge breakout has taken place by forming a bearish head and shoulders pattern being triggered. Stellar Lumens remained under downside pressure following the recent technical rejection from the $0.54 level but with a heavy downtrend still underway on the broader crypto market.
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XLM recovered to above $0.56 when BTC suddenly surged and took the rest of the market with it.

The XLM/USD pair lost about 40 percent from the November price peak and it is currently trading around one percent lower than the December opening price. The technical analysis shows that the XLM forms a bearish wedge and a head and shoulders breakout on the daily time frame moving the cryptocurrency back towards the November swing-low.  The four-hour time frame shows that the bearish breakout from the rising wedges pattern taking place, provoking a 14 percent decline in the cryptocurrency.

A breakout under the November lows encouraged further selling pressure and pushed Stellar Lumens towards the September 2019 monthly low closing to the $0.48 level. The bulls ideally have to rally the cryptocurrency toward the $0.66 level just to stabilize the XLM/USD pair which would require a rally of more than 20 percent from the current levels. Breaking the November swing-low at about $0.51 support level could even cause a strong buying reaction among the XLM/USD bulls. The Relative Strenght index on the daily time frame shows that the XLM is quite oversold while the MACD indicator is still bearish.

According to the latest sentiment data, the short-term sentiment towards Stellar Lumen is neutral at 64 percent and the overall long-term sentiment towards the cryptocurrency is bearish at 22 percent. The four-hour time frame shows that the key technical resistance is now located at $0.66 and $0.69 levels and the technical resistance over the medium term is located at $0.85 levels. The four-hour time frame shows that the XRP/USD pair is now in a strong medium-term technical support around $0.51. The critical long-term technical support for XRP is located at a $0.40 support level and the altcoin is proving that it failed to rally and shake off the bearish medium-term pressure.