- Stellar lumen price is showing bearish signs below the $0.085 resistance zone against the US Dollar.
- XLM price is now trading below $0.085 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.0840 on the 4-hours chart (data feed via Kraken).
- The pair could start another decline if there is a clear move below the $0.0820 support.
Stellar lumen price is trading below $0.085 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.0820 support to avoid more losses.
Stellar Lumen Price Analysis (XLM to USD)
After a failed attempt near the $0.090 zone, stellar lumen price started a fresh decline against the US Dollar. The XLM/USD pair traded below the $0.0865 support to move into a bearish zone.
There was a steady decline below the $0.0850 level and the 55 simple moving average (4-hours). The price even tested the $0.0820 level. A low is formed near $0.0818 and the price is now consolidating losses. XLM price is now trading below $0.085 and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near the $0.084 level. There is also a key bearish trend line forming with resistance near $0.0840 on the 4-hours chart.
The next major resistance is near the $0.0855 zone. It is near the 23.6% Fib retracement level of the downward move from the $0.0978 swing high to $0.0818 low. The first major resistance is near the $0.0865 level and the 55 simple moving average (4-hours).
A clear upside break above the $0.0865 zone might send the price towards $0.0900. Any more gains could lead the price towards the $0.1000 level or even $0.1020.
An initial support on the downside is near the $0.0815 level. The main support is near the $0.080 zone. Any more losses could lead the price towards the $0.078 level in the near term, below which the price might even retest $0.0750.
The chart indicates that XLM price is now trading below $0.085 and the 55 simple moving average (4-hours). Overall, the price could start a major decline if there is a clear move below the $0.0820 support.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is gaining momentum in the bearish zone.
4 hours RSI – The RSI for XLM/USD is now below the 50 level.
Key Support Levels – $0.0820 and $0.080.
Key Resistance Levels – $0.0840, $0.0850 and $0.0880.
