• Stellar lumen price corrected lower recently and tested the $0.1100 support against the US Dollar.
  • XLM price is currently moving higher and already recovered above the $0.1160 resistance.
  • There is a crucial bearish trend line formed with resistance at $0.1200 on the 4-hours chart (data feed via Kraken).
  • The pair is likely to surge higher if there is a successful break above the $0.1200 resistance area.

Stellar lumen price started a decent rebound against the US Dollar, bitcoin and Ethereum. XLM price could start a solid rally if there is a proper close above the $0.1200 level.

Stellar Lumen Price Analysis (XLM to USD)

This past week, stellar lumen price started a major downside correction from well above $0.1250 against the US Dollar. The XLM/USD pair broke the key $0.1200 and $0.1150 support levels to move into a bearish zone. There was even a close below the $0.1200 level and the 55 simple moving average (4-hours). The price traded close to the $0.1100 support level, where buyers emerged. A swing low was formed at $0.1101 before the price started a strong upward move.

The price climbed higher above the $0.1140 and $0.1150 resistance levels. There was also a break above the 23.6% Fibonacci retracement level of the last decline from the $0.1366 high to $0.1101 low. However, the price is now facing a strong resistance near the $0.1200 level. There is also a crucial bearish trend line formed with resistance at $0.1200 on the 4-hours chart. The next resistance is near the $0.1220 level and the 55 simple moving average (4-hours).

Above $0.1220, the price could test the $0.1235 level. It represents the 50% Fibonacci retracement level of the last decline from the $0.1366 high to $0.1101 low. If the price fails to break the $0.1200 resistance level, there could be a fresh decline below the $0.1160 level. The main support is near the $0.1100 level, which may continue to stop decline. On the upside, a clear break and close above the $0.1200 level will most likely clear the path for more gains in the near term.

Stellar Lumen Price Analysis XLM Chart

The chart indicates that XLM price is clearly trading near a crucial juncture with resistance near $0.1200. If buyers gain strength, the price is likely to start a strong rally above $0.1220, $0.1235 and $0.1250 levels. In the mentioned bullish scenario, the price may even revisit the $0.1320 resistance area in the coming days.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is slowly moving into the bullish zone.

4 hours RSI – The RSI for XLM/USD moved back above the 50 level, with a positive bias.

Key Support Levels – $0.1160 and $0.1150.

Key Resistance Levels – $0.1200, $0.1220 and $0.1250.

Tags: , ,

Leave a Reply

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.