Bulls are losing their initiative as most of the coins are in the red zone, according to CoinStats.
XLM/USD
The rate of XLM has fallen by almost 2% over the last day.
Despite today's fall, the price of XLM is rising after a false breakout of the local support of $0.2974. If bulls can hold the gained initiative, one can expect a test of the resistance by tomorrow.
On the bigger time frame, the rate of XLM has made a false breakout of the $0.30 level. The price is far from the key levels, which means none of the sides is dominating.
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In this case, there are low chances of seeing sharp moves. All in all, sideways trading in the narrow range of $0.3050-$0.32 is the more likely scenario.
From the midterm point of view, the price of XLM has bounced off the resistance of $0.3251. If the bar closes far from that mark, traders may witness a test of the $0.30 zone soon.
XLM is trading at $0.3089 at press time.
