Stellar lumen price started a fresh decline from the $0.6060 high against the US Dollar.
XLM price is approaching the $0.4500 support and the 55 simple moving average (4-hours).
There is a key bullish trend line forming with support near $0.44020 on the 4-hours chart (data feed via Kraken).
The pair could start a fresh increase as long as it is above the trend line and $0.4200.
Stellar lumen price is correcting gains from the $0.6060 yearly high against the US Dollar, similar to bitcoin. XLM price is likely to remain stable above the $0.4500 and $0.4400 support levels.
Stellar Lumen Price Analysis (XLM to USD)
After a successful break above the main $0.3500 resistance level, stellar lumen price started a strong increase against the US Dollar. The XLM/USD pair cleared the $0.4000 resistance level and settled above the 55 simple moving average (4-hours).
The price even cleared the $0.5000 resistance and extended its rise above the $0.6000 level. A high was formed near $0.6060 before the price started a fresh decline. It traded below the $0.6000 and $0.5800 support levels.
There was a break below the 23.6% Fibonacci retracement level of the upward move from the $0.2320 swing low to $0.6061 high. The price is now approaching the $0.4500 support level and the 55 simple moving average (4-hours).
There is also a key bullish trend line forming with support near $0.44020 on the 4-hours chart. The next major support is near the $0.4200 level. It is close to the 50% Fibonacci retracement level of the upward move from the $0.2320 swing low to $0.6061 high.
Any more losses may possibly lead the price towards the $0.3700 and $0.3500 support levels, where the bulls are likely to take a strong stand.
On the upside, the price is facing resistance near the $0.4800 level. The main resistance is now forming near the $0.5000 level. A clear break above the $0.5000 level could open the doors for a push towards the $0.5400 and $0.5500 levels.
The chart indicates that XLM price is clearly holding gains above the $0.4500 support and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase as long as it is above the trend line and $0.4200.
4 hours MACD – The MACD for XLM/USD is slowly gaining momentum in the bearish zone.
4 hours RSI – The RSI for XLM/USD is currently well below the 50 level.
Key Support Levels – $0.4400 and $0.4200.
Key Resistance Levels – $0.4800, $0.5000 and $0.5500.
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