33.8 C
Dubai
Saturday, May 25, 2024
HomeAltcoin NewsStellar Lumen (XLM) Price Faces Uphill Task Near $0.095

Stellar Lumen (XLM) Price Faces Uphill Task Near $0.095

Date:

Related stories

  • Stellar lumen price started a downside correction from the $0.095 resistance zone against the US Dollar.
  • XLM price is now trading below $0.092 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $0.0930 on the 4-hours chart (data feed via Kraken).
  • The pair could start a decent increase if it clears the $0.093 and $0.095 resistance levels.

Stellar lumen price is trading above $0.0880 against the US Dollar, similar to bitcoin. XLM price must stay above the $0.0875 support to rise further.

Stellar Lumen Price Analysis (XLM to USD)

After forming a base above the $0.0875 level, stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.090 resistance zone to move into a positive zone.

The price even cleared the $0.0920 resistance and the 55 simple moving average (4-hours). A high was formed near $0.0945 before there was a minor downside correction. The price declined below the $0.0920 level. It even traded below the 50% Fib retracement level of the upward move from the $0.0874 swing low to $0.0945 high.

The price is now trading below the $0.092 level and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $0.0920 level.

The next major resistance is near the $0.0930 level. There is also a key bearish trend line forming with resistance near $0.0930 on the 4-hours chart. A clear move above the $0.0930 level might send the price towards the $0.0950 level.

Any more gains could lead the price towards the $0.1000 level or even $0.1050 in the coming days. An initial support on the downside is near the $0.0900 level. It is near the 61.8% Fib retracement level of the upward move from the $0.0874 swing low to $0.0945 high.

The next major support sits near the $0.0880 level. The main support is near the $0.0875 zone. Any more losses could lead the price towards the $0.085 level in the near term, below which the price might even retest $0.082.

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

The chart indicates that XLM price is now trading below $0.0920 and the 55 simple moving average (4-hours). Overall, the price could start a decent increase if it clears the $0.093 and $0.095 resistance levels.

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 – $0.0900 and $0.0875.

Key Resistance Levels – $0.0920, $0.0930 and $0.0950.

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

Latest stories