- Stellar lumen price started a strong increase above the $0.3500 against the US Dollar.
- XLM price is now trading above $0.3500 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.3600 on the 4-hours chart (data feed via Kraken).
- The pair could continue to rise above the $0.4200 and $0.4250 resistance levels.
Stellar lumen price is gaining bullish momentum above $0.4000 against the US Dollar, similar to bitcoin. XLM price could extend gains if it settles above $0.4200.
Stellar Lumen Price Analysis (XLM to USD)
After forming a base above $0.3000, stellar lumen price started a strong increase against the US Dollar. The XLM/USD pair broke the $0.3500 resistance to move into a positive zone.
The pair even settled above $0.3650 and the 55 simple moving average (4-hours). There was a clear break above a major bearish trend line with resistance near $0.3600 on the 4-hours chart. The pair even climbed above the $0.4000 resistance zone.
It traded as high as $0.4201 and it is now consolidating gains. An initial support on the downside is near the $0.4000 level. It is near the 23.6% Fibonacci retracement level of the recent increase from the $0.3273 swing low to $0.4201 high.
The next major support is near the $0.3880 level. A downside break below the $0.3880 support might call for more losses. The next major support is near the $0.3720 zone. It is near the 50% Fibonacci retracement level of the recent increase from the $0.3273 swing low to $0.4201 high.
An immediate hurdle for the bulls could be $0.4200. If there is a clear break above the $0.4200 resistance zone, the price could start another steady increase. The next key resistance is near the $0.4500 level. Any more gains could set the pace for a larger increase towards the $0.5000 resistance zone.
The chart indicates that XLM price is now trading above $0.3500 and the 55 simple moving average (4-hours). Overall, the price could continue to rise above the $0.4200 and $0.4250 resistance levels in the near term.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is now gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently well above the 50 level.
Key Support Levels – $0.4000 and $0.3880.
Key Resistance Levels – $0.4200, $0.4500 and $0.5000.
