HomeAltcoin NewsStellar Lumen (XLM) Price Could Rally If It Clears $0.3000

Stellar Lumen (XLM) Price Could Rally If It Clears $0.3000

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  • Stellar lumen price started a strong decline below $0.3200 against the US Dollar.
  • XLM price is now trading below $0.3000 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.3000 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to decline if there is no upside break above the $0.3000 and $0.3100 resistance levels.

Stellar lumen price is trading well below $0.3000 against the US Dollar, similar to bitcoin. XLM price must settle above $0.3000 to start a steady increase.

Stellar Lumen Price Analysis (XLM to USD)

After a downside break below $0.3200, stellar lumen price extended its decline against the US Dollar. The XLM/USD pair broke the $0.3000 support to move into a bearish zone.

The price even traded below $0.2750 and settled below the 55 simple moving average (4-hours). A low is formed near $0.2613 and it is now attempting an upside correction. There was a break above the $0.2720 resistance level.

The bulls are now facing resistance near the 50% Fibonacci retracement level of the recent decline from the $0.3055 swing high to $0.2613 swing low. An immediate hurdle on the upside for the bulls could be $0.2885 and the 55 simple moving average (4-hours).

The first major resistance is now near $0.3000. There is also a major bearish trend line forming with resistance near $0.3000 on the 4-hours chart. If there is a clear break above the $0.3000 resistance zone, the price could start another steady increase. The next key resistance is near the $0.3200 level, above which the price could revisit $0.3500.

An immediate support is near the $0.2720 level. The next major support is near the $0.2600 level. A downside break below the $0.2600 support might call for more losses. The next major support is near the $0.2500 zone.

Stellar Lumen (XLM) Price
Stellar Lumen (XLM) Price

The chart indicates that XLM price is now trading below $0.3000 and the 55 simple moving average (4-hours). Overall, the price could continue to decline if there is no upside break above the $0.3000 and $0.3100 resistance levels.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is slowly losing momentum in the bearish zone.

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

Key Support Levels – $0.2720 and $0.2600.

Key Resistance Levels – $0.2885, $0.3000 and $0.3200.

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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