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HomeAltcoin NewsStellar Lumen (XLM) Price Could Recover If It Holds $0.080

Stellar Lumen (XLM) Price Could Recover If It Holds $0.080

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  • Stellar lumen price is holding an important support near $0.0800 against the US Dollar.
  • XLM price could start to recover towards the $0.0850 and $0.0900 resistance levels.
  • There was a break above a crucial bearish trend line with resistance near $0.0818 on the 4-hours chart (data feed via Kraken).
  • The pair could slowly recover unless the bulls fail to defend the key $0.0800 support area.

Stellar lumen price is trading above a few important supports against the US Dollar. XLM price might recover towards the $0.0900 level in the coming sessions.

Stellar Lumen Price Analysis (XLM to USD)

This past week, stellar lumen price remained under pressure below $0.0850 against the US Dollar. The XLM/USD pair made a couple of attempts to break the key $0.0810 and $0.0800 support levels. However, the bears failed to gain traction and a swing low was formed near $0.0806. The price is currently consolidating above the $0.0800 support level and it seems like there could be a decent rise.

Recently, there was a break above a crucial bearish trend line with resistance near $0.0818 on the 4-hours chart. An immediate resistance is near the $0.0830 level and the 55 simple moving average (4-hours). Moreover, the 23.6% Fibonacci retracement level of the downward move from the $0.0901 high to $0.0806 low might prevent gains. If there is an upside break above $0.0830, the price could recover further.

The next key resistance is near the $0.0850 level. Additionally, the 50% Fibonacci retracement level of the downward move from the $0.0901 high to $0.0806 low is near the $0.0853. Any further gains above $0.0850 will most likely open the gates for a move towards the $0.0900 resistance. The next stop could be near the $0.0924 level. It represents the 1.236 Fib extension level of the downward move from the $0.0901 high to $0.0806 low.

Conversely, if there is no bullish break above $0.0830 and $0.0850, the price could decline heavily. A successful break below the $0.0800 support level might start a strong decline towards the $0.0750 support. An intermediate support is near the $0.0780 level.

Stellar Lumen Price Analysis (XLM to USD)

The chart indicates that XLM price is clearly holding an important support near $0.0800. Therefore, as long as the price is above the $0.0800 level, the price could recover steadily. A successful break above the $0.0830 and $0.0850 resistance levels could boost the crypto market sentiment.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is slowly moving into the bullish zone.

4 hours RSI – The RSI for XLM/USD is struggling well below the 50 level, with a bearish angle.

Key Support Levels – $0.0810 and $0.0800.

Key Resistance Levels – $0.0830, $0.0850 and $0.0900.

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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