- Stellar lumen price is currently correcting higher from the $0.0668 low against the US Dollar.
- XLM price is currently trading above the $0.0720 resistance and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $0.0740 on the 4-hours chart (data feed via Kraken).
- The pair could accelerate higher once it clears the $0.0760 and $0.0800 resistance levels.
Stellar lumen price is showing recovery signs above $0.0720 against the US Dollar, similar to bitcoin. XLM price must break $0.0760 and $0.0800 to continue higher in the near term.
Stellar Lumen Price Analysis (XLM to USD)
After a steady decline, stellar lumen price found support near the $0.0665 zone against the US Dollar. The XLM/USD pair traded as low as $0.0668 and started an upside correction above $0.0700.
The pair was able to climb above the $0.0720 resistance and the 55 simple moving average (4-hours). There was also a break above a key bearish trend line with resistance near $0.0740 on the 4-hours chart.
However, the upward move was capped by the $0.0760 resistance (a multi-touch zone and a key breakdown area).A high is formed near $0.0763 and it is currently correcting lower. There was a break below the $0.0740 level, plus the 23.6% Fibonacci retracement level of the recent increase from the $0.0668 low to $0.0763 high.
The decline found support near the broken trend line at $0.0720 and the 55 simple moving average (4-hours). The 50% Fibonacci retracement level of the recent increase from the $0.0668 low to $0.0763 high is also acting as a support.
The price is now moving higher, but it must clear the $0.0760 resistance. The next major resistance is near the $0.0800 level, above which stellar price is likely to accelerate higher.
Conversely, the price might fail to climb higher above $0.0760 and it could start a fresh decline. The first major support is near the $0.0720 level. If there is a clear break below $0.0720, the price could even dive below $0.0700.
The chart indicates that XLM price clearly facing a major hurdle near the $0.0760 level. Overall, the price could accelerate higher once it clears the $0.0760 and $0.0800 resistance levels.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is slowly gaining pace in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently above the 50 level, with a positive bias.
Key Support Levels – $0.0720 and $0.0700.
Key Resistance Levels – $0.0760, $0.0780 and $0.0800.
