HomeAltcoin NewsStellar Lumen (XLM) Price Could Revisit $0.40 If It Clears $0.35

Stellar Lumen (XLM) Price Could Revisit $0.40 If It Clears $0.35

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  • Stellar lumen price is facing a few important hurdles near $0.3400 and $0.3500 against the US Dollar.
  • XLM price is holding gains above the $0.3000 support and the 55 simple moving average (4-hours).
  • There is a key contracting triangle forming with resistance near $0.3460 on the 4-hours chart (data feed via Kraken).
  • The pair could start a strong upward move if there is a clear break above the $0.3400 and $0.3500 resistance levels.

Stellar lumen price is showing positive signs above $0.30000 against the US Dollar, similar to bitcoin. XLM price could clear the $0.3400 resistance unless it settles below $0.2800.

Stellar Lumen Price Analysis (XLM to USD)

After forming a base above $0.2300, stellar lumen price started a steady increase against the US Dollar. The XLM/USD pair cleared the $0.3000 resistance level and settled above the 55 simple moving average (4-hours).

There were also a couple of spikes above $0.3500, but the price failed to hold gains. The last swing high was formed near $0.3625 before there was a fresh decline. A low is formed near $0.2926 and the price is currently showing positive signs.

The price is facing resistance near $0.3280. It is close to the 50% Fibonacci retracement level of the downward move from the $0.3460 high to $0.2926 low.

It seems like there is a key contracting triangle forming with resistance near $0.3460 on the 4-hours chart. The triangle resistance is near the 76.4% Fibonacci retracement level of the downward move from the $0.3460 high to $0.2926 low.

A clear break above the $0.3400 and $0.3500 resistance levels could open the doors for a steady increase. The next major stop on the upside could be near the $0.4000 level.

On the downside, the triangle support is near the $0.3000 level. The next key support is near the $0.2800 level and the 55 simple moving average (4-hours). A downside break below the $0.2800 support zone could push the price towards the $0.2300 support zone.

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

The chart indicates that XLM price is clearly holding gains above the $0.3000 support and the 55 simple moving average (4-hours). Overall, the price could start a strong upward move if there is a clear break above the $0.3400 and $0.3500 resistance levels.

Technical Indicators

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

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

Key Support Levels – $0.3000 and $0.2800.

Key Resistance Levels – $0.3400, $0.3500 and $0.4000.

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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