- 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.
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.
