- Stellar lumen price is attempting a fresh increase from the $0.1108 zone against the US Dollar.
- XLM price is now trading above $0.1125 and the 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $0.1150 on the 4-hour chart (data feed via Kraken).
- The pair could start a decent increase if there is a clear move above the $0.1150 resistance zone.
Stellar lumen price is trading above $0.1125 against the US Dollar, similar to Bitcoin. XLM price must clear $0.1150 to start a fresh increase.
Stellar Lumen Price Analysis (XLM to USD)
After a steady increase, Stellar lumen price saw a rejection pattern near the $0.1185 zone against the US Dollar. The XLM/USD pair traded below the $0.1150 support and tested the $0.1100 zone.
A low is formed near $0.1108 and the price is now attempting a recovery wave. There was a break above the $0.1125 resistance zone. The price climbed above the 50% Fib retracement level of the downward move from the $0.1187 swing high to the $0.1108 low.
XLM is now trading above $0.1125 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.1150 zone.
There is also a major bearish trend line forming with resistance near $0.1150 on the 4-hour chart. It is close to the 61.8% Fib retracement level of the downward move from the $0.1187 swing high to the $0.1108 low. The next major resistance is near the $0.1185 level.
A clear move above the $0.1185 level might send the price toward the $0.125 level. Any more gains could lead the price toward the $0.132 level or even $0.135.
Initial support on the downside is near the $0.1125 level. The main support is near the $0.1108 zone. Any more losses could lead the price toward the $0.1100 level in the near term, below which the price might even retest $0.1050.
The chart indicates that XLM price is now trading above $0.1125 and the 55 simple moving average (4 hours). Overall, the price could start a major increase if there is a clear move above the $0.1150 resistance zone.
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 – $0.1125 and $0.1100.
Key Resistance Levels – $0.115, $0.1185, and $0.1250.