HomeAltcoin NewsStellar Lumen (XLM) Price Could Rally If It Clears This Resistance

Stellar Lumen (XLM) Price Could Rally If It Clears This Resistance

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  • Stellar lumen price is facing a major resistance near the $0.090 zone against the US Dollar.
  • XLM price is now trading above $0.082 and the 55 simple moving average (4-hours).
  • There is a key contracting triangle forming with resistance near $0.0890 on the 4-hours chart (data feed via Kraken).
  • The pair could start a decent increase if it clears the $0.0890 and $0.090 resistance levels.

Stellar lumen price is trading above $0.0820 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.084 support to rise further.

Stellar Lumen Price Analysis (XLM to USD)

After forming a base above the $0.0745 level, stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.080 resistance zone to move into a positive zone.

The price even cleared the $0.0820 resistance and the 55 simple moving average (4-hours). The bulls pushed the price above the 50% Fib retracement level of the main decline from the $0.0978 swing high to $0.0746 low. The price is now trading above the $0.082 level and the 55 simple moving average (4-hours).

On the upside, the price is facing resistance near the $0.0890 zone. It is near the 61.8% Fib retracement level of the main decline from the $0.0978 swing high to $0.0746 low.

There is also a key contracting triangle forming with resistance near $0.0890 on the 4-hours chart. The next major resistance is near the $0.0900 level. A clear move above the $0.0900 level might send the price towards the $0.0932 level. Any more gains could lead the price towards the $0.1000 level or even $0.1020 in the coming days.

An initial support on the downside is near the $0.0865 level. The next major support sits near the $0.0840 level. The main support is near the $0.0800 zone.

Any more losses could lead the price towards the $0.0745 level in the near term, below which the price might even retest $0.0720 in the coming days.

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

The chart indicates that XLM price is now trading above $0.0820 and the 55 simple moving average (4-hours). Overall, the price could start a decent increase if it clears the $0.0890 and $0.090 resistance levels.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is gaining momentum in the bullish zone.

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

Key Support Levels – $0.0840 and $0.0800.

Key Resistance Levels – $0.0890, $0.0900 and $0.100.

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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