37.8 C
Dubai
Thursday, May 30, 2024
HomeAltcoin NewsStellar Lumen (XLM) Price Could Rally If It Breaks $0.075

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

Date:

Related stories

  • Stellar lumen price is facing a lot of hurdles near $0.0735 and $0.0750 against the US Dollar.
  • XLM price is currently declining and it could revisit the $0.0670 support area.
  • There was a break below a key contracting triangle with support near $0.0712 on the 4-hours chart (data feed via Kraken).
  • The pair must climb above $0.0735 and $0.0750 to start a strong increase in the near term.

Stellar lumen price is facing many resistances against the US Dollar and bitcoin. XLM could decline towards the $0.0650 support before a fresh increase.

Stellar Lumen Price Analysis (XLM to USD)

After a failed attempt near the $0.0800 area, stellar lumen price declined sharply below $0.0780 and $0.0750 against the US Dollar. The XLM/USD pair tested the $0.0680 support area and recently recovered higher.

There was a break above the $0.0700 and $0.0720 resistance levels. Besides, the price surpassed the 23.6% Fibonacci retracement level of the recent slide from the $0.0796 high to $0.0673 low.

However, the upward move was capped by the $0.0735 level and the 55 simple moving average (4-hours). The 50% Fibonacci retracement level of the recent slide from the $0.0796 high to $0.0673 low also acted as a hurdle.

Clearly, the price failed to continue above $0.0735 and it is currently declining. There was a break below a key contracting triangle with support near $0.0712 on the 4-hours chart.

The pair is currently declining and trading below the $0.0720 level. An initial support is near the $0.0700 level. The first key support is near the $0.0680 level. The next major support is near the $0.0655 area, below which there is a risk of a sharp decline in the coming sessions.

Conversely, the price could climb back above the $0.0720 and $0.0735 levels. Having said that, stellar lumen price must settle above the $0.0750 level and the 55 simple moving average (4-hours) to continue higher.

In the mentioned case, the price could surge towards the $0.0795 and $0.0800 resistance levels. Any further gains could lead the price towards the $0.0820 resistance area.

Stellar Lumen Price
Stellar Lumen Price

The chart indicates that XLM price is showing a few bearish signs below the $0.0735 and $0.0750 resistance levels. However, as long as the $0.0650 support is intact, there are chances of a fresh increase in the near term.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is currently moving in the bearish zone.

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

Key Support Levels – $0.0680 and $0.0650.

Key Resistance Levels – $0.0735, $0.0750 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.

Subscribe

Latest stories