HomeAltcoin NewsStellar Lumen (XLM) Price Eyes Fresh Rally above $0.45

Stellar Lumen (XLM) Price Eyes Fresh Rally above $0.45

Date:

Related stories

It’s Not Just Degens, Institutions Love Memecoins Too

In a report released by Bybit on June 4,...

Bitpanda and Deutsche Bank Take their Relationship to the Next Level

Bitpanda, one of the leading European crypto trading and...

Solana (SOL) Price Analysis: Dips Attractive Near $135

Solana price started a downside correction from the...
spot_imgspot_img
  • Stellar lumen price struggled to clear the $0.5000 resistance zone against the US Dollar.
  • XLM price is now trading below $0.4000 and the 55 simple moving average (4-hours).
  • There is a key declining channel forming with resistance near $0.3740 on the 4-hours chart (data feed via Kraken).
  • The pair is likely to extend its decline as long as it is below the $0.4000 pivot level.

Stellar lumen price is facing hurdles near $0.4000 and $0.5000 against the US Dollar, similar to bitcoin. XLM price could decline heavily below the $0.3500 support zone.

Stellar Lumen Price Analysis (XLM to USD)

After a strong decline, stellar lumen price found support near the $0.2750 zone against the US Dollar. The XLM/USD pair started a decent recovery wave above the $0.4000 resistance zone.

The price even climbed above $0.4500, but it faced a strong resistance near the $0.5000 level. The price topped near the $0.4750 level and the 55 simple moving average (4-hours). The price is now moving lower and trading below $0.4200.

It broke the 50% Fibonacci retracement level of the upward move from the $0.2744 swing low to $0.4740 high. There is also a key declining channel forming with resistance near $0.3740 on the 4-hours chart.

The pair is now trading below $0.4000 and the 55 simple moving average (4-hours). An immediate support is near the $0.3500 level. It is close to the 61.8% Fibonacci retracement level of the upward move from the $0.2744 swing low to $0.4740 high.

Any more losses might call for a drop towards the $0.3000 support zone. The next major support could be near the $0.2750 level.

An immediate resistance is near the $0.3800 zone. The first major resistance is near the trend line and $0.4000. A clear break above the $0.4000 level could pump the price towards the $0.4750 level. The next key resistance is near the $0.5000 level.

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

The chart indicates that XLM price is clearly trading well below $0.5000 and the 55 simple moving average (4-hours). Overall, the price is likely to extend its decline as long as it is below the $0.4000 pivot level in the near term.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is slowly losing momentum in the bearish zone.

4 hours RSI – The RSI for XLM/USD is currently close to the 40 level.

Key Support Levels – $0.3500 and $0.3000.

Key Resistance Levels – $0.4000, $0.4750 and $0.5000.

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.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img