- Stellar lumen price climbed higher sharply after it broke the $0.1150 resistance against the US Dollar.
- XLM price tested the $0.1350 resistance level and it is currently correcting lower.
- There is a crucial bullish trend line in place with support at $0.1220 on the 4-hours chart (data feed via Kraken).
- The pair is likely to climb higher further towards the $0.1450 and $0.1500 resistance levels.
Stellar Lumen Price Analysis (XLM to USD)
This past week, stellar lumen price formed a solid support above $0.1000 and climbed higher against the US Dollar. The XLM/USD pair broke the key $0.1120 and $0.1150 resistance levels to start a strong upward move. It rallied by more than 15% and traded above the $0.1200 and $0.1250 resistance levels. There was even a close above the $0.1250 level and the 55 simple moving average (4-hours). The price tested the $0.1350 resistance and later corrected lower. It tested the $0.1150 support area (the previous resistance) and bounced back.
The price retested the $0.1350 resistance area and a new yearly high was formed recently near $0.1362. At the moment, the price is correcting lower below the $0.1320 level and the 23.6% Fibonacci retracement level of the last wave from the $0.1136 low to $0.1362 high. However, there are many supports near the $0.1280 and $0.1250 levels. The 50% Fibonacci retracement level of the last wave from the $0.1136 low to $0.1362 high is also near the $0.1250 level.
Moreover, there is a crucial bullish trend line in place with support at $0.1220 on the 4-hours chart. Therefore, if the price corrects lower, it could find a strong buying interest near the $0.1250 level. On the upside, an initial resistance is near the $0.1320 level. The main resistance is at $0.1350. A successful daily close above $0.1350 is likely to set the tone for more gains towards the $0.1450 and $0.1500 levels.
The chart indicates that XLM price is trading nicely in an uptrend above the $0.1220 and $0.1250 support levels. If there are further downsides below $0.1220, the price may perhaps revisit the $0.1150 support area. On the upside, a clear break above the $0.1350 resistance is likely to push the price towards the $0.1450 and $0.1500 resistances in the near term.
4 hours MACD – The MACD for XLM/USD is slowly reducing its bullish slope.
4 hours RSI – The RSI for XLM/USD is currently correcting lower towards the 50 level.
Key Support Levels – $0.1250 and $0.1220.
Key Resistance Levels – $0.1320, $0.1350 and $0.1450.