HomeAltcoin NewsStellar Lumen (XLM) Price Aims Fresh Rally If It Clears This Hurdle

Stellar Lumen (XLM) Price Aims Fresh Rally If It Clears This Hurdle

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  • Stellar lumen price is attempting a fresh increase from the $0.1020 zone against the US Dollar.
  • XLM price is now trading above $0.1050 and the 55 simple moving average (4 hours).
  • There was a break above a connecting bearish trend line with resistance near $0.1048 on the 4-hour chart (data feed via Kraken).
  • The pair could start a decent increase if there is a clear move above the $0.1106 resistance zone.

Stellar lumen price is trading above $0.1050 against the US Dollar, like Bitcoin. XLM price must clear $0.1106 to gain bullish momentum.

Stellar Lumen Price Analysis (XLM to USD)

After a steady increase, Stellar lumen price saw a rejection pattern near the $0.1165 zone against the US Dollar. The XLM/USD pair traded below the $0.1100 support and tested the $0.1020 zone.

A low is formed near $0.1011 and the price is now attempting a recovery wave. There was a break above the $0.1050 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.1165 swing high to the $0.1011 low.

Besides, there was a break above a connecting bearish trend line with resistance near $0.1048 on the 4-hour chart. XLM is now trading above $0.1050 and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near the $0.1080 zone. The next major resistance is near the $0.1106 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.1165 swing high to the $0.1011 low.

A clear move above the $0.1106 level might send the price toward the $0.1165 level. Any more gains could lead the price toward the $0.1200 level or even $0.1220.

Initial support on the downside is near the $0.1050 level. The main support is near the $0.1020 zone. Any more losses could lead the price toward the $0.1000 level in the near term, below which the price might even retest $0.0950.

Stellar Lumen (XLM) Price
Stellar Lumen (XLM) Price

The chart indicates that XLM price is now trading above $0.1050 and the 55 simple moving average (4 hours). Overall, the price could start a major increase if there is a clear move above the $0.1106 resistance zone.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is gaining momentum in the bullish zone.

4 hours RSI – The RSI for XLM/USD is now above the 50 level.

Key Support Levels – $0.1050 and $0.1020.

Key Resistance Levels – $0.1080, $0.1106, and $0.1165.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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