HomeAltcoin NewsStellar Lumen (XLM) Price Eyeing Upside Break Above $0.08

Stellar Lumen (XLM) Price Eyeing Upside Break Above $0.08

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  • Stellar lumen price seems to be gaining pace above $0.0750 against the US Dollar.
  • XLM price is currently trading well above $0.0765 and the 55 simple moving average (4-hours).
  • There was a break above a crucial bearish trend line with resistance near $0.0738 on the 4-hours chart (data feed via Kraken).
  • The pair could accelerate higher once it clears the $0.0785 and $0.0800 resistance levels.

Stellar lumen price is showing bullish signs above $0.0750 against the US Dollar, similar to bitcoin. XLM price could continue to rise above $0.0800 as long as it is above $0.0740.

Stellar Lumen Price Analysis (XLM to USD)

After forming a support base above $0.0720, stellar lumen price started a steady increase against the US Dollar. The XLM/USD pair broke the key $0.0750 resistance level to move into a positive zone.

To start the recent increase, there was a break above a crucial bearish trend line with resistance near $0.0738 on the 4-hours chart. The pair even broke the $0.0765 resistance and settled well above the 55 simple moving average (4-hours).

It traded as high as $0.0786 and it is currently consolidating gains. It seems like there is a short-term contracting triangle forming with support near $0.0770. The 23.6% Fibonacci retracement level of the recent increase from the $0.0699 low to $0.0786 high is also near the triangle support.

If there is a downside break below the triangle support, the price could decline towards the $0.0750 support. The 50% Fibonacci retracement level of the recent increase from the $0.0699 low to $0.0786 high is also near $0.0743.

The main support is now forming near $0.0740 and the 55 simple moving average (4-hours). On the upside, the price is facing hurdles near $0.0780 and $0.0785. The next major resistance is near the $0.0820 level, above which the price might accelerate higher towards the $0.0950 resistance level. Any further gains could lead the price towards the $0.1000 level.

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

The chart indicates that XLM price is currently trading well above $0.0765 and the 55 simple moving average (4-hours). Overall, the price could accelerate higher once it clears the $0.0785 and $0.0800 resistance levels.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is currently showing positive signs in the bullish zone.

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

Key Support Levels – $0.0750 and $0.0740.

Key Resistance Levels – $0.0800, $0.0820 and $0.0850.

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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