- 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.
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.