- Stellar lumen price formed a solid support near $0.1180 and traded higher against the US Dollar.
- XLM price broke the key $0.1200 and $0.1250 resistance levels to start an upward move.
- There was a break above a major bearish trend line with resistance at $0.1250 on the 4-hours chart (data feed via Kraken).
- The pair is currently struggling to clear $0.1300, above which it could rally towards $0.1400 or $0.1500.
Stellar lumen price is trading with a positive bias above $0.1250 against the US Dollar. XLM price is likely to break the $0.1300 barrier and extend gains towards the $0.1500 level.
Stellar Lumen Price Analysis (XLM to USD)
This past week, stellar lumen price climbed higher steadily against the US Dollar. Earlier, the XLM/USD pair formed a solid support near $0.1180 and later traded higher. It remained stable above the $0.1220 level and the 55 simple moving average (4-hours). Moreover, it broke the 23.6% Fibonacci retracement level of the downward move from the $0.1443 high to $0.1169 low.
Finally, there was a break above a major bearish trend line with resistance at $0.1250 on the 4-hours chart. The pair even traded above the $0.1280 level and recently spiked above the $0.1300 resistance. It seems like the 50% Fibonacci retracement level of the downward move from the $0.1443 high to $0.1169 low is acting as a strong resistance for the bulls.
If there is an upside break above $0.1300, the price could continue to rise in the near term. An immediate resistance is near the $0.1340 level. It represents the 61.8% Fibonacci retracement level of the downward move from the $0.1443 high to $0.1169 low. If the price accelerates above $0.1340, it could rally towards $0.1400 or even $0.1420.
On the downside, an initial support is near the $0.1280 level. If the price starts a downside correction below $0.1280, it could test the $0.1250 support. The 55 simple moving average (4-hours) is also near the $0.1240 level to act as a support. Therefore, dips from the current level may perhaps find a strong support near $0.1250 or $0.1240.
The chart indicates that XLM price is placed in a decent uptrend above $0.1250 and $0.1280. If the bulls gain strength above $0.1300, there could be continuous gains. The next stop for them could be $0.1400 or even $0.1450. On the downside, a close below $0.1240 might negate the bullish view.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is currently gaining strength in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently well above the 50 level, with a positive bias.
Key Support Levels – $0.1280 and $0.1250.
Key Resistance Levels – $0.1300, $0.1340 and $0.1400.
