- Stellar lumen price is gaining pace above the $0.0800 resistance level against the US Dollar.
- XLM price traded as high as $0.0837 and it is now well above the 55 simple moving average (4-hours).
- There is a declining channel or a bullish flag forming with resistance near $0.0812 on the 4-hours chart (data feed via Kraken).
- The pair could resume its upward move once it clears the $0.0812 and $0.0820 resistance levels.
Stellar lumen price is showing bullish signs above $0.0780 against the US Dollar, similar to bitcoin. XLM price could continue to rise above $0.0820 as long as it is above $0.0770.
Stellar Lumen Price Analysis (XLM to USD)
After forming a support base above $0.0720, stellar lumen price started a strong rise against the US Dollar. The XLM/USD pair broke the key $0.0750 and $0.0755 resistance levels to move into a positive zone.
During the rise, there was a break above the key contracting triangle with resistance near $0.0760 on the 4-hours chart. The upward move was such that the price even gained pace above the $0.0800 level and the 55 simple moving average (4-hours).
A high was formed near $0.0837 before the price started a downside correction. There was a break below the $0.0820 support level. The price even traded below the 23.6% Fibonacci retracement level of the recent rise from the $0.0718 low to $0.0837 high.
It seems like there is a declining channel or a bullish flag forming with resistance near $0.0812 on the same chart. If there is an upside break above the flag resistance, it could resume its rise above the $0.0820 level.
The next major resistance is near the $0.0830 and $0.0840 levels. On the downside, the price is likely find a strong support near the $0.0785 and $0.0780 levels. The next major support is near the $0.0770 level since it is close to the 50% Fibonacci retracement level of the recent rise from the $0.0718 low to $0.0837 high.
The chart indicates that XLM price is gaining pace above the $0.0800 resistance level and the 55 simple moving average (4-hours). Overall, the price could resume its upward move once it clears the $0.0812 and $0.0820 resistance levels.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is currently showing positive signs in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently well above the 50 level, with a positive angle.
Key Support Levels – $0.0780 and $0.0770.
Key Resistance Levels – $0.0812, $0.0820 and $0.0850.
