HomeAltcoin NewsStellar Lumen (XLM) Price Faces Uphill Task Near $0.086

Stellar Lumen (XLM) Price Faces Uphill Task Near $0.086

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  • Stellar lumen price is struggling below the $0.0880 resistance zone against the US Dollar.
  • XLM price is now trading below $0.0880 and the 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $0.0855 on the 4-hour chart (data feed via Kraken).
  • The pair could start a recovery wave if it clears the $0.0855 resistance.

Stellar lumen price is trading below $0.0880 against the US Dollar, similar to Bitcoin. XLM price could extend losses if it trades below the $0.0800 support.

Stellar Lumen Price Analysis (XLM to USD)

After a sharp decline below $0.085, Stellar Lumen price struggled to gain bullish momentum against the US Dollar. The XLM/USD pair traded below the $0.0820 level to move further into a bearish zone.

A low was formed near $0.0786 before the price started an upside correction. There was a move above the $0.0800 and $0.0810 levels. The price climbed above the 23.6% Fib retracement level of the recent decline from the $0.0890 swing high to the $0.0786 low.

The price is now facing resistance near the $0.0838 level. It is close to the 50% Fib retracement level of the recent decline from the $0.0890 swing high to the $0.0786 low.

There is also a major bearish trend line forming with resistance near $0.0855 on the 4-hour chart. XLM is now trading below $0.0850 and the 55 simple moving average (4 hours). Initial support on the downside is near the $0.0810 level. The next major support is near the $0.0800 zone.

Any more losses could lead the price toward the $0.0785 level in the near term, below which the price might even retest $0.07650. On the upside, the price is facing resistance near the $0.0855 level and the trend line.

A clear upside break above the $0.0855 zone might send the price toward $0.0880. Any more gains could lead the price toward the $0.0900 level or even $0.0920.

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

The chart indicates that XLM price is now trading below $0.0880 and the 55 simple moving average (4 hours). Overall, the price could start a recovery wave if it clears the $0.0855 resistance.

Technical Indicators

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

4 hours RSI – The RSI for XLM/USD is now below the 50 level.

Key Support Levels – $0.0810 and $0.080.

Key Resistance Levels – $0.0838, $0.0850, and $0.0855.

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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