- Stellar lumen price tested the $0.2320 support before correcting higher against the US Dollar.
- XLM price is now facing resistance near $0.2550 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.2480 on the 4-hours chart (data feed via Kraken).
- The pair is likely to start a steady increase if there is a break above the $0.2550 resistance.
Stellar lumen price is facing hurdles near $0.2500 and $0.2550 against the US Dollar, similar to bitcoin. XLM price could gain pace if it clears the $0.2550 and $0.2650 levels.
Stellar Lumen Price Analysis (XLM to USD)
Recently, stellar lumen price declined steadily below the $0.3000 and $0.2800 levels against the US Dollar. The XLM/USD pair even broke the $0.2500 support level.
It settled well below the $0.2500 level and the 55 simple moving average (4-hours). A low is formed near $0.2324 and the price is now correcting higher. It broke the $0.2400 and $0.2450 resistance levels. There was a break above the 23.6% Fibonacci retracement level of the downward move from the $0.2938 high to $0.2324 low.
There was also a break above a major bearish trend line with resistance near $0.2480 on the 4-hours chart. It is now facing resistance near $0.2550 and the 55 simple moving average (4-hours).
If there is a clear break above the $0.2550 resistance zone, the price could start a steady increase. The next key resistance is near the $0.2650 level. Any more gains could set the pace for a larger increase in the coming sessions towards $0.3000.
The next key resistance is near the $0.3500 level. If not, the price could start a fresh decline from $0.2550. An immediate support is near the $0.2400 level. The main support is near $0.2320. Any more losses might call for a drop towards the $0.2000 support zone.
The chart indicates that XLM price is clearly facing resistance near $0.2550 and the 55 simple moving average (4-hours). Overall, the price is likely to start a steady increase if there is a break above the $0.2550 resistance.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is slowly gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently above the 50 level.
Key Support Levels – $0.2320 and $0.2000.
Key Resistance Levels – $0.2550, $0.2650 and $0.3000.
