HomeAltcoin NewsStellar Lumen (XLM) Price Approaching Next Key Break, Key Supports Nearby

Stellar Lumen (XLM) Price Approaching Next Key Break, Key Supports Nearby

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  • Stellar lumen price rallied significantly towards $0.4000 before correcting lower against the US Dollar.
  • XLM price is now consolidating above $0.2600 and the 55 simple moving average (4-hours).
  • There is a crucial contracting triangle forming with resistance near $0.3130 on the 4-hours chart (data feed via Kraken).
  • The pair could either correct further to $0.2200 or it might start a fresh rally above $0.3200.

Stellar lumen price is trading in a bullish zone above $0.2600 against the US Dollar, similar to bitcoin. XLM price could start a fresh increase if it clears the $0.3200 resistance.

Stellar Lumen Price Analysis (XLM to USD)

After a strong surge towards $0.4000 and $0.4100, stellar lumen price started a downside correction against the US Dollar. The XLM/USD pair broke the $0.3800 support zone to move into a short-term bearish zone.

There was also a break below the $0.3500 support level. The price moved below the $0.3000 support, but the bulls were active near $0.2200. A low was formed near $0.2113 before the price climbed higher. It broke the $0.2500 and $0.2600 resistance levels.

There was also a break above the 23.6% Fibonacci retracement level of the downward move from the $0.4153 high to $0.2133 low. It seems like there is a crucial contracting triangle forming with resistance near $0.3130 on the 4-hours chart.

The triangle resistance is close to the 50% Fibonacci retracement level of the downward move from the $0.4153 high to $0.2133 low. A close above the triangle resistance and $0.3200 could open the doors for a strong surge.

The next major resistance is near the $0.3500 level, above which XLM price could revisit the $0.4000 resistance zone in the coming sessions. On the downside, the triangle support is close to the 55 simple moving average (4-hours).

If there is a break below the $0.2800 support level and the 55 simple moving average (4-hours), there is a risk of more losses. The next major support is near the $0.2600 level. Any more losses might lead the price towards the $0.2200 support zone.

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

The chart indicates that XLM price is clearly consolidating well above $0.2600 and the 55 simple moving average (4-hours). Overall, the price could either correct further to $0.2200 or it might start a fresh rally above $0.3200.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is losing momentum in the bearish zone.

4 hours RSI – The RSI for XLM/USD is currently declining towards the 40 level.

Key Support Levels – $0.2800 and $0.2600.

Key Resistance Levels – $0.3120, $0.3200 and $0.3500.

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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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