Crypto Technicals: XLM/USD breaks below 50-DMA, hits 3-weeks low (0.0645), bias bearish

XLM/USD chart - Trading View 

Exchange - Bitfinex

Support: 0.06149 (Cloud base); Resistance: 0.06674 (50-DMA)

Technical Analysis: Bias Bearish

XLM/USD extends previous session's weakness, slips further into daily cloud, bias bearish.

The pair was trading 4.32% lower at 0.06453 around 10:50 GMT, after closing 6.41% lower in the previous session.

Technical studies are bearish, more weakness on charts. Stochs and RSI are sharply lower and RSI is well below 50 mark.

Bearish MACD crossover on signal line, bearish 5-DMA crossover on 20-DMA and rising ADX with -ve DMI dominance support bearish bias.

Price action is on track to test cloud base (currently at 0.06149). Break below cloud to see further downside.

50-DMA has turned immediate resistance at 0.06674. Retrace above 20-DMA (0.07332) negates near-term bearish bias.