- Stellar lumen price seems to be forming a support base above $0.0700 against the US Dollar.
- XLM price is currently facing hurdles near $0.0750 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.0750 on the 4-hours chart (data feed via Kraken).
- The pair could accelerate higher once it clears the $0.0750 and $0.0760 resistance levels.
Stellar lumen price is showing recovery signs above $0.0700 against the US Dollar, similar to bitcoin. XLM price must break $0.0750 and $0.07600 to start a strong increase in the near term.
Stellar Lumen Price Analysis (XLM to USD)
After a steady decline, stellar lumen price found support near the $0.0675 zone against the US Dollar. The XLM/USD pair seems to be forming a support base above $0.0700.
A low is formed near $0.0689 and the price is currently rising. There was a break above the $0.0720 resistance level, and the 50% Fibonacci retracement level of the downward move from the $0.0761 high to $0.0689 low.
However, the price is now facing a strong resistance near the 55 simple moving average (4-hours) at $0.0730. The next major resistance is near the $0.0750 level. There is also a major bearish trend line forming with resistance near $0.0750 on the 4-hours chart.
The trend line is close to the 76.4% Fibonacci retracement level of the downward move from the $0.0761 high to $0.0689 low. Stellar price must break the trend line resistance and $0.0750 to continue higher.
The next major resistance is near the $0.0760 level, above which the price might accelerate higher towards the $0.0800 resistance level. Conversely, the price might fail to climb higher above $0.0750 and the 55 SMA.
An initial support on the downside is near the $0.0720 level. The first major support is near the $0.0700 level. If there is a clear break below $0.0700, the price could even slide below $0.0675.
The chart indicates that XLM price clearly struggling to clear the $0.0750 barrier. Overall, the price could accelerate higher once it clears the $0.0750 and $0.0760 resistance levels.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is struggling to gain pace in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently above the 50 level, with a flat bias.
Key Support Levels – $0.0720 and $0.0700.
Key Resistance Levels – $0.0750, $0.0760 and $0.0800.
