- Stellar lumen price traded as high as $0.0861 before correcting lower against the US Dollar.
- XLM price is holding the key $0.0800 support and it is above the 55 simple moving average (4-hours).
- There is a major contracting triangle forming with resistance near $0.0815 on the 4-hours chart (data feed via Kraken).
- The pair is likely to resume its upward move if it clears the $0.0815 and $0.0820 resistance levels.
Stellar lumen price is correcting gains below $0.0820 against the US Dollar, similar to bitcoin. XLM price must stay above $0.0800 to resume its upward move in the near term.
Stellar Lumen Price Analysis (XLM to USD)
This past week, stellar lumen price started a fresh increase from $0.0725 support zone against the US Dollar. The XLM/USD pair broke the $0.0800 resistance level to move into a positive zone.
It even surged above the $0.0820 resistance and settled above the 55 simple moving average (4-hours). The price traded as high as $0.0861 before correcting lower. There was a break below the $0.0820 support level, plus the price traded below the 23.6% Fibonacci retracement level of the upward move from the $0.0727 low to $0.0861 high.
However, the bulls were able to defend the $0.0800 support zone. The price is now holding the key $0.0800 support and it is above the 55 simple moving average (4-hours).
The 50% Fibonacci retracement level of the upward move from the $0.0727 low to $0.0861 high is also acting as a decent support. Moreover, there is a major contracting triangle forming with resistance near $0.0815 on the 4-hours chart.
If there is an upside break above the triangle resistance and $0.0820, the price could resume its upward move. The next major resistance is near $0.0860, above which the price might aim a fresh monthly high above $0.0880.
Conversely, there is a risk of a fresh decline below the triangle support and $0.0800. An initial support is near the $0.0785 level and the 55 simple moving average (4-hours), below which the price could revisit the $0.0725 support zone.
The chart indicates that XLM price is clearly consolidating above $0.0800 and the 55 simple moving average (4-hours). Overall, the price is likely to resume its upward move if it clears the $0.0815 and $0.0820 resistance levels.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is currently losing momentum in the bearish zone.
4 hours RSI – The RSI for XLM/USD is holding the 50 level.
Key Support Levels – $0.0800 and $0.0785.
Key Resistance Levels – $0.0815, $0.0820 and $0.0860.