- Stellar lumen price extended its decline below the $0.5500 and $0.5000 support levels against the US Dollar.
- XLM price is now trading well below $0.5000 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.4500 on the 4-hours chart (data feed via Kraken).
- The pair is likely to accelerate higher above the $0.4500 and $0.4750 resistance levels.
Stellar lumen price is recovering losses from $0.3000 against the US Dollar, similar to bitcoin. XLM price could start a strong recovery if it breaks the $0.4500 resistance.
Stellar Lumen Price Analysis (XLM to USD)
In the past few sessions, stellar lumen price saw a strong decline below the $0.5500 support against the US Dollar. The XLM/USD pair even broke the $0.5000 support zone to move into a bearish zone.
The decline gained pace below the $0.4500 support and the price settled below the 55 simple moving average (4-hours). The price even tested the $0.3000 zone. A low is formed near $0.2743 and it is now correcting higher.
There was a break above the $0.3000 and $0.3500 resistance levels. The price broke the 50% Fibonacci retracement level of the downward move from the $0.5369 swing high to $0.2743 low. However, it is still trading well below $0.5000 and the 55 simple moving average (4-hours).
An immediate resistance is near the $0.4500 zone. There is also a major bearish trend line forming with resistance near $0.4500 on the 4-hours chart.
The trend line is close to the 61.8% Fibonacci retracement level of the downward move from the $0.5369 swing high to $0.2743 low. A clear break above the $0.4500 level could pump the price above the $0.5000 level. The next key resistance is near the $0.5500 level and the 55 simple moving average (4-hours).
On the downside, an initial support is near the $0.3720 level. Any more losses might call for a drop towards the $0.3000 support zone.
The chart indicates that XLM price is clearly t trading well below $0.5000 and the 55 simple moving average (4-hours). Overall, the price is likely to accelerate higher above the $0.4500 and $0.4750 resistance levels.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is slowly gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently close to the 50 level.
Key Support Levels – $0.4500 and $0.5500.
Key Resistance Levels – $0.3720, $0.3500 and $0.3000.
