HomeAltcoin NewsStellar Lumen (XLM) Price Could Accelerate Lower Below This Support

Stellar Lumen (XLM) Price Could Accelerate Lower Below This Support

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  • Stellar lumen price is moving lower from the $0.1260 resistance zone against the US Dollar.
  • XLM price is now trading below $0.1180 and the 55 simple moving average (4 hours).
  • There is a connecting bearish trend line forming with resistance near $0.1150 on the 4-hour chart (data feed via Kraken).
  • The pair could extend its decline below the $0.1120 support zone in the near term.

Stellar lumen price is trading below $0.1180 against the US Dollar, like Bitcoin. XLM price could extend losses if it trades below the $0.1120 support.

Stellar Lumen Price Analysis (XLM to USD)

In the past few sessions, Stellar Lumen price struggled to climb above the $0.1260 resistance against the US Dollar. The XLM/USD pair failed to continue higher and started a fresh decline.

There was a move below the $0.1200 and $0.1180 levels. The decline gained pace below the $0.1150 level. A low was formed near $0.1088, and the price is now consolidating losses. It managed to recover a few points above the 23.6% Fib retracement level of the downward move from the $0.1262 swing high to the $0.1088 low.

XLM is now trading below $0.1180 and the 55 simple moving average (4 hours). Immediate resistance is near the $0.1150 level. There is also a connecting bearish trend line forming with resistance near $0.1150 on the 4-hour chart.

The next key resistance is seen near the $0.1175 level or the 50% Fib retracement level of the downward move from the $0.1262 swing high to the $0.1088 low.

A clear upside break above the $0.1175 zone might send the price toward $0.1200. Any more gains could lead the price toward the $0.1265 level. If not, the price might continue to move down. Initial support on the downside is near the $0.1120 level. The next major support is $0.1085. Any more losses could lead the price toward the $0.100 level in the near term, below which the price might even test $0.0950.

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

The chart indicates that XLM price is now trading below $0.1180 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $0.1175 resistance.

Technical Indicators

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

4 hours RSI – The RSI for XLM/USD is now below the 50 level.

Key Support Levels – $0.1120 and $0.1085.

Key Resistance Levels – $0.1150, $0.1175, and $0.1200.

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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