- 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.
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.