HomeAltcoin NewsStellar Lumen (XLM) Price Facing Uphill Task Below $0.0750

Stellar Lumen (XLM) Price Facing Uphill Task Below $0.0750

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  • Stellar lumen price extended its decline below the $0.0750 and $0.0700 supports against the US Dollar.
  • XLM price is currently correcting higher, but it is facing many resistances near $0.0725.
  • There is a crucial bearish trend line forming with resistance near $0.0740 on the 4-hours chart (data feed via Kraken).
  • The pair could either continue to recover above $0.0750 or it might resume its decline to $0.0600.

Stellar lumen price is trading below many key resistances near $0.0750 against the US Dollar. XLM price needs to gain strength above $0.0725 and $0.0750 to continue higher.

Stellar Lumen Price Analysis (XLM to USD)

This past week, stellar lumen price declined heavily below the $0.0800 support area against the US Dollar. The XLM/USD pair even traded below the $0.0750 and $0.0725 support levels. Moreover, there was a close below $0.0725 and the 55 simple moving average (4-hours). Finally, the price broke the $0.0700 support level and traded to a new monthly low at $0.0651.

Recently, it started an upside correction above the $0.0680 resistance. There was a break above the 23.6% Fibonacci retracement level of the last major drop from the $0.0796 high to $0.0651 low. Additionally, the price climbed above the $0.0700 resistance. However, the bulls are currently facing a strong resistance near the $0.0720 level and the 55 simple moving average (4-hours).

Besides, the 50% Fibonacci retracement level of the last major drop from the $0.0796 high to $0.0651 low is also aligned near the $0.0724 level. More importantly, there is a crucial bearish trend line forming with resistance near $0.0740 on the 4-hours chart. Therefore, the price is likely to face a strong resistance near the $0.0725 and $0.0740 levels.

A successful close above the $0.0750 resistance is needed for upside continuation. The next key resistance is near the $0.0768 level, above which the price might surge towards the $0.0815 level. Conversely, the price could start a fresh decrease from $0.0725. An immediate support is near the $0.0680 level and a connecting bullish trend line on the same chart.

Stellar Lumen Price Analysis (XLM to USD)

The chart indicates that XLM price is clearly forming a breakout pattern with resistance near $0.0740 and support near $0.0680. As long as the price is below the $0.0725 level and the 55 SMA, there is a risk of a downside break in the coming sessions. On the other hand, a convincing close above $0.0725 and $0.0740 might pump the price above $0.0750 and $0.0768.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is showing positive signs in the bullish zone.

4 hours RSI – The RSI for XLM/USD is currently moving lower towards the 50 level.

Key Support Levels – $0.0680 and $0.0650.

Key Resistance Levels – $0.0725, $0.0740 and $0.0750.

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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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