HomeAltcoin NewsStellar Lumen (XLM) Price Could Recovery Sharpy If It Breaks $0.27

Stellar Lumen (XLM) Price Could Recovery Sharpy If It Breaks $0.27

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  • Stellar lumen price extended its decline and it even tested $0.2000 against the US Dollar.
  • XLM price is now trading near $0.2600 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $0.2600 on the 4-hours chart (data feed via Kraken).
  • The pair is likely to start a major increase if it surpasses $0.2600 and $0.2700.

Stellar lumen price is facing hurdles near $0.2600 and $0.2700 against the US Dollar, similar to bitcoin. XLM price could gain bullish momentum if it breaks $0.2700.

Stellar Lumen Price Analysis (XLM to USD)

In the past few days, stellar lumen price extended its decline below $0.3000 against the US Dollar. The XLM/USD pair even broke the $0.2500 support zone before the bulls appeared near the $0.2000 zone.

The price started a steady recovery wave above the $0.2200 and $0.2300 levels. The bulls pushed the price above the $0.2400 resistance. It even climbed above the 50% Fibonacci retracement level of the recent decline from the $0.3014 high to $0.2008 low.

It is now trading near $0.2600 and the 55 simple moving average (4-hours). There is also a key bearish trend line forming with resistance near $0.2600 on the 4-hours chart.

The trend line is close to the 61.8% Fibonacci retracement level of the recent decline from the $0.3014 high to $0.2008 low. The next major resistance is near the $0.2700 level. If there is a successful break above the trend line and $0.2700, the price could gain bullish momentum.

The next key resistance could be $0.3200, followed by the $0.3500 zone. An initial support on the downside is near the $0.2400 zone. Any more losses might call for a drop towards the $0.2240 support zone. A downside break below the $0.2240 support might call for a retest of $0.2000.

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

The chart indicates that XLM price is clearly trading near $0.2600 and the 55 simple moving average (4-hours). Overall, the price is likely to start a major increase if it surpasses $0.2600 and $0.2700 in the near term.

Technical Indicators

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

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

Key Support Levels – $0.2450 and $0.2200.

Key Resistance Levels – $0.2600, $0.2700 and $0.3000.

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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