HomeAltcoin NewsStellar Lumen (XLM) Price Faces Uphill Task Near $0.30

Stellar Lumen (XLM) Price Faces Uphill Task Near $0.30

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  • Stellar lumen price started a fresh decline from the $0.3600 resistance against the US Dollar.
  • XLM price is now trading below $0.3000 and the 55 simple moving average (4-hours).
  • There is a key contracting triangle forming with resistance near $0.2900 on the 4-hours chart (data feed via Kraken).
  • The pair could start a steady upward move if there is a clear break above $0.3000.

Stellar lumen price is trading in a bearish zone below $0.3000 against the US Dollar, similar to bitcoin. XLM price must settle above $0.3000 to start a fresh increase.

Stellar Lumen Price Analysis (XLM to USD)

After struggling to clear the $0.3600 resistance, stellar lumen price started a fresh decline against the US Dollar. The XLM/USD pair broke the $0.3200 support to move into a bearish zone.

The price even broke the $0.3000 support zone. The decline extended below the $0.2800 level and the price settled below the 55 simple moving average (4-hours). A low was formed near $0.2543 and the price is now consolidating losses.

There was a break above the 23.6% Fibonacci retracement level of the downward move from the $0.3642 swing high to $0.2543 low. However, the price is now facing resistance near the $0.2900 level.

There is also a key contracting triangle forming with resistance near $0.2900 on the 4-hours chart. The next major resistance is now near $0.3000. It is near the 50% Fibonacci retracement level of the downward move from the $0.3642 swing high to $0.2543 low.

If there is a clear break above the $0.3000 resistance zone, the price could start another steady increase. The next key resistance is near the $0.3200 level.

An immediate support is near the $0.2700 level. The main support is near $0.2600. A downside break below the $0.2600 support might call for more losses. The next major support is near the $0.2500 zone.

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

The chart indicates that XLM price is now trading below $0.3000 and the 55 simple moving average (4-hours). Overall, the price could start a steady upward move if there is a clear break above $0.3000.

Technical Indicators

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

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

Key Support Levels – $0.2800 and $0.2600.

Key Resistance Levels – $0.2900, $0.3000 and $0.3200.

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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