- Stellar lumen price is currently correcting higher above $0.0680 against the US Dollar.
- XLM price is facing a strong resistance near the $0.0700 region and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.0695 on the 4-hours chart (data feed via Kraken).
- The pair could either extend its recover above $0.0700 or resume its decline below $0.0650.
Stellar lumen price is struggling to gain bullish momentum above $0.0700 against the US Dollar, similar to bitcoin. XLM price must settle above $0.0700 and $0.0740 for a trend change.
Stellar Lumen Price Analysis (XLM to USD)
In the past few days, stellar lumen price followed a bearish path from well above the $0.0800 level against the US Dollar. The XLM/USD pair broke a few important supports near the $0.0700 level to move into a bearish zone.
The price even traded below the $0.0680 level and settled below the 55 simple moving average (4-hours). It traded as low as $0.0660 before starting an upside correction. The recent swing low was near $0.0682 before the price climbed higher.
Moreover, there was a break above a major bearish trend line with resistance near $0.0695 on the 4-hours chart. The pair is currently testing the 23.6% Fibonacci retracement level of the recent decline from the $0.0740 high to $0.0682 low.
The first major resistance is near the $0.0720 level or the 55 simple moving average (4-hours). The 50% Fibonacci retracement level of the recent decline from the $0.0740 high to $0.0682 low might also act as a resistance.
The next major resistance is near the $0.0740 level, above which there are chances of a sustained upward move towards the $0.0800 and $0.0840 levels. Conversely, the price could fail to surpass the $0.0700 and $0.0720 resistance levels.
An initial support is near the $0.0680 level. The main support is near the $0.0660 level, below which the bears are likely to aim a test of the $0.0600 support level in the near term. Any further losses could lead the price towards $0.0580.
The chart indicates that XLM price is clearly struggling to gain momentum above $0.0700. Therefore, it could either extend its recover above $0.0700 or resume its decline below $0.0650.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is slowly gaining pace in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently approaching the 50 level.
Key Support Levels – $0.0680 and $0.0660.
Key Resistance Levels – $0.0700, $0.0720 and $0.0740.
