- Stellar lumen price started a decent increase above the $0.2800 resistance against the US Dollar.
- XLM price is now trading near $0.2800 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.2760 on the 4-hours chart (data feed via Kraken).
- The pair is likely to start another increase as long as it is above the $0.2700 support zone.
Stellar lumen price is showing positive signs above $0.2700 against the US Dollar, similar to bitcoin. XLM price could gain pace if it clears the $0.2950 and $0.3000 levels.
Stellar Lumen Price Analysis (XLM to USD)
After a close above the $0.2500 pivot zone, stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.2800 resistance level to move into a positive zone.
The price even rallied above the $0.3000 barrier and the 55 simple moving average (4-hours). The bulls were able to push the price above the $0.3120 level. A high was formed near $0.3133 before the price started a downside correction.
There was a break below the $0.3000 support level. It traded below the 50% Fibonacci retracement level of the upward move from the $0.2646 swing low to $0.3133 high.
It is now trading near $0.2800 and the 55 simple moving average (4-hours). The 61.8% Fibonacci retracement level of the upward move from the $0.2646 swing low to $0.3133 high is acting as a support. There is also a major bullish trend line forming with support near $0.2760 on the 4-hours chart.
A downside break below the trend line support and $0.2700 might call for more losses. The next major support is near the $0.2500 zone.
On the upside, the $0.2950 level is an immediate resistance. The first major resistance is near the $0.3000 zone. If there is a clear break above the $0.3000 resistance zone, the price could start another steady increase. The next key resistance is near the $0.3250 level. Any more gains could set the pace for a larger increase in the coming sessions towards $0.3500.
The chart indicates that XLM price is now trading near $0.2800 and the 55 simple moving average (4-hours). Overall, the price is likely to start another increase as long as it is above the $0.2700 support zone.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is slowly losing momentum in the bearish zone.
4 hours RSI – The RSI for XLM/USD is currently below the 50 level.
Key Support Levels – $0.2700 and $0.2500.
Key Resistance Levels – $0.2950, $0.3000 and $0.3250.
