- 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.
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.
