HomeAltcoin NewsStellar Lumen (XLM) Price Facing Key Hurdles Near $0.040 and $0.045

Stellar Lumen (XLM) Price Facing Key Hurdles Near $0.040 and $0.045

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  • Stellar lumen price recovered above $0.0400, but it failed near $0.0450 against the US Dollar.
  • XLM price is currently declining and it is struggling to stay above the $0.0360 support.
  • There is a key bearish trend line forming with resistance near $0.0400 on the 4-hours chart (data feed via Kraken).
  • The pair is likely to extend its decline as long as it is trading below the $0.0450 pivot.

Stellar lumen price is trading in a bearish zone against the US Dollar and bitcoin. XLM price is likely to continue lower towards the $0.0350 and $0.0320 supports in the near term.

Stellar Lumen Price Analysis (XLM to USD)

This past week, there was a decent recovery wave in stellar lumen price above $0.0400 against the US Dollar. The XLM/USD pair even broke the $0.0420 resistance level and the 55 simple moving average (4-hours).

However, the price struggled to extend its rise above the $0.0450 resistance area. A swing high is formed near $0.0443 and the price is currently declining. There was a break below the $0.0400 level and the 55 simple moving average (4-hours).

Besides, the price traded below the 50% Fibonacci retracement level of the upward move from the $0.0313 low to $0.0443 high. On the downside, an initial support is seen near the $0.0360 level.

The 61.8% Fibonacci retracement level of the upward move from the $0.0313 low to $0.0443 high is also near the $0.0360 level to act as a key support zone. Any further losses may perhaps spark a sharp decline towards the $0.0320 level in the near term.

On the upside, an initial resistance is near the $0.0380 level and the 55 SMA. There is also a key bearish trend line forming with resistance near $0.0400 on the 4-hours chart.

A clear break above the trend line resistance could lead the price towards $0.0400. The main resistance on the upside is still near the $0.0450 level. Any further gains is likely to improve the market sentiment and the price might surge towards $0.0500.

Stellar Lumen Price
Stellar Lumen Price

The chart indicates that XLM price is trading in a bearish zone below $0.0400 and $0.0450. Therefore, there is a risk of more losses below the $0.0350 and $0.0320 levels in the near term.

Technical Indicators

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

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

Key Support Levels – $0.0350 and $0.0320.

Key Resistance Levels – $0.0400, $0.0450 and $0.0480.

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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