HomeAltcoin NewsStellar Lumen (XLM) Price Correcting Gains, But Uptrend Is Intact

Stellar Lumen (XLM) Price Correcting Gains, But Uptrend Is Intact

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  • Stellar lumen price climbed towards the $0.0765 level before correcting lower against the US Dollar.
  • XLM price is now trading below the $0.0700 level, but downsides are likely to be limited.
  • There was a break below a major bullish trend line with support at $0.0720 on the 4-hours chart (data feed via Kraken).
  • The pair could correct further lower towards the $0.0625 support, where the bulls might take a stand.

Stellar lumen price is currently correcting lower against the US Dollar, similar to bitcoin. XLM price is likely to bounce back from $0.0680 or $0.0620.

Stellar Lumen Price Analysis (XLM to USD)

This past week, stellar lumen price gained bullish momentum above the $0.0620 resistance against the US Dollar. The XLM/USD pair even rallied above the $0.0650 resistance and the 55 simple moving average (4-hours).

Finally, the price surged above the $0.0700 level and traded to a new monthly high at $0.0769. Recently, it started a downside correction below the $0.0750 and $0.0720 levels.

Besides, there was a break below a major bullish trend line with support at $0.0720 on the 4-hours chart. The pair is now trading below the 61.8% Fibonacci retracement level of the upward move from the $0.0655 low to $0.0769 high.

It is now trading near the $0.0680 support and the 55 simple moving average (4-hours). The 76.4% Fibonacci retracement level of the upward move from the $0.0655 low to $0.0769 high is also acting as a support.

If the price fails to stay above the $0.0680 support, it could continue to move down towards the key $0.0620 support level. The 1.236 Fib extension level of the upward move from the $0.0655 low to $0.0769 high could also provide support at $0.0628.

Any further losses may perhaps put the price at a risk of a break below the $0.0600 support zone. Conversely, stellar price could stay above the $0.0680 and $0.0620 support.

On the upside, an initial resistance is near the $0.0720 level. The main hurdle is near the $0.0745 level, above which the bulls are likely to aim $0.0800.

Stellar Lumen Price
Stellar Lumen Price

The chart indicates that XLM price is approaching a couple key supports near $0.0680 and the 55 simple moving average (4-hours). As long as the price is above $0.0620, it is likely to bounce back above $0.0645.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is currently gaining pace in the bearish zone.

4 hours RSI – The RSI for XLM/USD is now declining lower towards the 400 level.

Key Support Levels – $0.0680 and $0.0620.

Key Resistance Levels – $0.0720, $0.0745 and $0.0800.

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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