HomeAltcoin NewsStellar Lumen (XLM) Price Could Rally If It Breaks $0.075

Stellar Lumen (XLM) Price Could Rally If It Breaks $0.075

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  • 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.

Stellar Lumen Price
Stellar Lumen Price

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.

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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