- Stellar lumen price started a fresh increase from the $0.2000 support zone against the US Dollar.
- XLM price is now trading above $0.2200 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.2300 on the 4-hours chart (data feed via Kraken).
- The pair could continue to rise if there is a clear move above the $0.2400 resistance.
Stellar lumen price is trading in a bullish zone above $0.2250 against the US Dollar, similar to bitcoin. XLM price must stay above $0.2200 to continue higher.
Stellar Lumen Price Analysis (XLM to USD)
In the past few sessions, stellar lumen price saw a fresh increase above the $0.2120 resistance against the US Dollar. The XLM/USD pair gained pace for a move above the $0.2250 level.
There was a close above the $0.2200 level and the 55 simple moving average (4-hours). It traded as high as $0.2410 and recently there was a minor downside correction. There was a move below the $0.2350 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.2066 swing low to $0.2410 high.
However, the price remained well bid above the $0.2200 level. It tested the 50% Fib retracement level of the upward move from the $0.2066 swing low to $0.2410 high. There is also a key bullish trend line forming with support near $0.2300 on the 4-hours chart.
The next major support is near the $0.2200 level. Any more losses could lead the price towards the $0.2060 level, where the bulls might take a stand. If they fail, the price may perhaps decline towards the $0.2000 support zone.
An immediate resistance is near the $0.2380 level. The next key resistance is near the $0.2400 level. A close above $0.2400 could open the doors for a decent increase. In the stated case, the price may perhaps rise towards the $0.2750 level or even $0.3000.
The chart indicates that XLM price is now trading above $0.2250 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if there is a clear move above the $0.2400 resistance.
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 – $0.2250 and $0.2200.
Key Resistance Levels – $0.2380, $0.2400 and $0.3000.
