- Stellar lumen price is facing a major resistance near the $0.085 zone against the US Dollar.
- XLM price is now trading above $0.078 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.0805 on the 4-hours chart (data feed via Kraken).
- The pair could start a decent increase if it clears the $0.0845 and $0.085 resistance levels.
Stellar lumen price is trading above $0.0800 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.080 support to rise further.
Stellar Lumen Price Analysis (XLM to USD)
After forming a base above the $0.075 level, stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.0788 resistance zone to move into a positive zone.
The price even cleared the $0.0800 resistance and the 55 simple moving average (4-hours). Besides, there was a break above a major bearish trend line with resistance near $0.0805 on the 4-hours chart. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $0.0978 swing high to $0.0746 low.
The price is now trading above the $0.080 level and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $0.0845 and $0.0885 levels.
The next major resistance is near the $0.0865 level. It is near the 50% Fib retracement level of the downward move from the $0.0978 swing high to $0.0746 low. A clear move above the $0.0865 level might send the price towards the $0.920 level.
Any more gains could lead the price towards the $0.1000 level or even $0.1020 in the coming days. An initial support on the downside is near the $0.0800 level.
The next major support sits near the $0.0750 level. The main support is near the $0.0720 zone. Any more losses could lead the price towards the $0.0685 level in the near term, below which the price might even retest $0.0650.
The chart indicates that XLM price is now trading above $0.0800 and the 55 simple moving average (4-hours). Overall, the price could start a decent increase if it clears the $0.0845 and $0.085 resistance levels.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is now above the 50 level.
Key Support Levels – $0.0800 and $0.0750.
Key Resistance Levels – $0.0845, $0.0865 and $0.100.
