- Stellar lumen price is trading in a positive zone above the $0.0700 pivot level against the US Dollar.
- XLM price is likely to accelerate higher if it clears the $0.0750 and $0.0760 resistance levels.
- There is a major bullish trend line forming with support at $0.0710 on the 4-hours chart (data feed via Kraken).
- The pair could rise steadily as long as it is above the $0.0680 pivot zone.
Stellar lumen price is gaining bullish momentum above key hurdles against the US Dollar, similar to bitcoin. XLM price could surge if it clears the $0.0750 barrier.
Stellar Lumen Price Analysis (XLM to USD)
In the past few days, stellar lumen price followed a strong bullish path above the $0.0620 pivot against the US Dollar. The XLM/USD pair gained pace and broke the main $0.0700 resistance level.
The upward move such that the price spiked above $0.0720 and settled above the 55 simple moving average (4-hours). The price traded as high as $0.0765 and recently started a downside correction.
There was a break below the $0.0720 support level. Stellar price traded below the 23.6% Fibonacci retracement level of the recent rally from the $0.0635 low to $0.0765 high. However, the decline was protected by the $0.0700 support zone.
The 50% Fibonacci retracement level of the recent rally from the $0.0635 low to $0.0765 high also acted as a support. Moreover, there is a major bullish trend line forming with support at $0.0710 on the 4-hours chart.
If the price fails to stay above the trend line support, it could test the $0.0680 support zone or the 55 simple moving average (4-hours). Any further losses might lead the price back towards the $0.0635 low.
Conversely, the price is likely to continue higher towards the $0.0750 and $0.0760 resistance levels. A clear break and close above the $0.0760 level are needed for the bulls to gain strength. In the mentioned case, the price might rise steadily towards the $0.0800 barrier.
The chart indicates that XLM price is showing a lot of positive signs above the $0.0700 and $0.0720 support levels. Therefore, there are high chances of more upsides above $0.0765 as long as the price is above the $0.0700 level.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is currently gaining pace in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently well below the 50 level.
Key Support Levels – $0.0720 and $0.0700.
Key Resistance Levels – $0.0750, $0.0760 and $0.0800.
