HomeAltcoin NewsStellar Lumen (XLM) Price Could Continue Lower Below $0.30

Stellar Lumen (XLM) Price Could Continue Lower Below $0.30

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  • Stellar lumen price started a strong decline from the $0.4300 resistance against the US Dollar.
  • XLM price is now trading below $0.3500 and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $0.3200 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to decline if there is a break below the $0.3200 and $0.3100 support levels.

Stellar lumen price is gaining bearish momentum below $0.3200 against the US Dollar, similar to bitcoin. XLM price could extend losses if it breaks the $0.3100 support.

Stellar Lumen Price Analysis (XLM to USD)

After a steady increase, stellar lumen price faced a strong resistance near $0.4300 against the US Dollar. The XLM/USD pair broke the $0.3880 support to move into a negative zone.

The pair even settled below $0.3500 and the 55 simple moving average (4-hours). There was a clear break below the $0.3200 support zone. It traded as low as $0.2733 before there was an upside correction. The price recovered above the $0.3000 and $0.3150 levels.

It traded above the 23.6% Fibonacci retracement level of the downward move from the $0.4312 high to $0.2733 swing low. However, the bulls failed to push the price above the $0.3500 zone and the 55 simple moving average (4-hours).

The price was rejected near the 50% Fibonacci retracement level of the downward move from the $0.4312 high to $0.2733 swing low. It is now moving lower and trading below $0.3300. There was a break below a key bullish trend line with support near $0.3200 on the 4-hours chart.

An immediate support is near the $0.3120 level. The next major support is near the $0.3100 level. A downside break below the $0.3100 support might call for more losses. The next major support is near the $0.2750 zone.

An immediate hurdle for the bulls could be $0.3350. The main resistance is now near $0.3500. If there is a clear break above the $0.3500 resistance zone, the price could start another steady increase. The next key resistance is near the $0.4000 level.

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

The chart indicates that XLM price is now trading below $0.3500 and the 55 simple moving average (4-hours). Overall, the price could continue to decline if there is a break below the $0.3200 and $0.3100 support levels.

Technical Indicators

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

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

Key Support Levels – $0.3100 and $0.2750.

Key Resistance Levels – $0.3350, $0.3500 and $0.4000.

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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