Crypto Technicals: XLM/USD dips into daily cloud, more weakness to follow

XLM/USD chart - Trading View

Exchange - Bitfinex

Support: 0.0693 (55-EMA); Resistance: 0.0721 (converged 5-DMA and 21-EMA)

Technical Analysis: Bias Bearish

XLM/USD slips into daily cloud, technical studies bearish, more weakness on charts.

The pair was trading 2.78% lower at 0.07005 around 11:00 GMT, after closing 0.67% higher in the previous session.

Technical indicators are biased lower. Stochs and RSI are sharply lower and RSI is well below 50 mark.

Price action has resumed weakness and is on track to test 50-DMA (currently at 0.0667).

5-DMA is immediate resistance at 0.07205. Retrace above 21-EMA could see minor upside.

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