Stellar is under a firm bear grip. The bulls have not been able to reclaim the $0.32 levels, which shows weakness.
With most cryptocurrencies falling, we expect the XLM/USD pair to also follow suit. The next support on the downside is $0.22, below which a fall to the support line of the descending channel is possible.
Our bearish view will be negated in the short-term if the price breaks out of the downtrend line and the 20-day EMA. Until then, all attempts to rally will face selling at the resistance levels.