- Stellar lumen price started a fresh decline from the $0.3500 resistance against the US Dollar.
- XLM price is now trading just below $0.3300 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.3300 on the 4-hours chart (data feed via Kraken).
- The pair could start a steady upward move if there is a clear break above $0.3300.
Stellar lumen price is trading in a bearish zone below $0.3500 against the US Dollar, similar to bitcoin. XLM price must settle above $0.3330 to start a fresh increase.
Stellar Lumen Price Analysis (XLM to USD)
After struggling to clear the $0.3800 resistance, stellar lumen price started a fresh decline against the US Dollar. The XLM/USD pair broke the $0.3500 support to move into a bearish zone.
The price even broke the $0.3250 support zone. The declined extended below the $0.3120 level and the price settled below the 55 simple moving average (4-hours). A low was formed near $0.3011 and the price is now consolidating losses.
There was a break above the 50% Fibonacci retracement level of the downward move from the $0.3502 swing high to $0.3011 low. However, the price is now facing resistance near the $0.3300 level.
There is also a key bearish trend line forming with resistance near $0.3300 on the 4-hours chart. The trend line is close to the 61.8% Fibonacci retracement level of the downward move from the $0.3502 swing high to $0.3011 low.
The next major resistance is now near $0.3500. If there is a clear break above the $0.3500 resistance zone, the price could start another steady increase. The next key resistance is near the $0.4000 level.
An immediate support is near the $0.3200 level. The main support is near $0.3000. A downside break below the $0.3000 support might call for more losses. The next major support is near the $0.2650 zone.
The chart indicates that XLM price is now trading below $0.3300 and the 55 simple moving average (4-hours). Overall, the price could start a steady upward move if there is a clear break above $0.3300.
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 now above the 50 level.
Key Support Levels – $0.3200 and $0.3000.
Key Resistance Levels – $0.3300, $0.3500 and $0.4000.