- Stellar lumen price rallied above the $0.1100 level and tested $0.1160 against the US Dollar.
- XLM price corrected lower sharply, but it found support above $0.0950 and $0.0920.
- There is a major bullish trend line forming with support near $0.1020 on the 4-hours chart (data feed via Kraken).
- The pair could resume its upward move once it clears the $0.1060 resistance zone.
Stellar lumen price is trading in a positive zone above $0.1000 against the US Dollar, similar to bitcoin. XLM price is likely to rally again if it clears the $0.1060 and $0.1080 levels.
Stellar Lumen Price Analysis (XLM to USD)
This past week, stellar lumen price started a strong rise above the $0.1000 resistance against the US Dollar. The XLM/USD pair even broke the $0.1100 level and settled above the 55 simple moving average (4-hours).
It traded as high as $0.1159 and recently started a sharp downside correction. There was a break below the $0.1100 and $0.1050 support levels. The price even spiked below the $0.1000 support and the 55 simple moving average (4-hours).
However, the price remained well bid near the $0.0950 and $0.0920 support levels. A swing low is formed near $0.0908 and the price is currently back above $0.1000. It broke the 50% Fibonacci retracement level of the recent decline from the $0.1159 high to $0.0908 low.
On the upside, it is facing hurdles near the $0.1060 level. It is close to the 61.8% Fibonacci retracement level of the recent decline from the $0.1159 high to $0.0908 low.
A successful break above the $0.1060 resistance may perhaps push the price above the $0.1080 and $0.1100 resistance levels. In the mentioned case, there are chances of a fresh increase towards the $0.1150 and $0.1180 levels in the near term.
If stellar price fails to clear the $0.1060 resistance, it could decline towards the $0.1020 support. The main support is near the trend line, below which the price may perhaps revisit the $0.0920 support.
The chart indicates that XLM price is clearly trading near a key breakout zone at $0.1060. Therefore, the pair could resume its upward move once it clears the $0.1060 resistance zone.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is slowly gaining pace in the bearish zone.
4 hours RSI – The RSI for XLM/USD is now above the 50 level, but with a bullish angle.
Key Support Levels – $0.1020 and $0.1000.
Key Resistance Levels – $0.1060, $0.1080 and $0.1150.
