- Stellar lumen price is facing resistance near $0.4100 and $0.4350 against the US Dollar.
- XLM price is now consolidating near $0.4000 and above the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.4000 on the 4-hours chart (data feed via Kraken).
- The pair must clear the $0.4100 and $0.4350 resistance levels to start a strong increase.
Stellar lumen price is forming a base above the $0.4000 level against the US Dollar, while bitcoin is correcting lower. XLM price could start a decent increase once it clears the $0.4100 resistance.
Stellar Lumen Price Analysis (XLM to USD)
There was a fresh decline in stellar lumen price from the $0.4350 resistance zone against the US Dollar. The XLM/USD pair broke the $0.4100 support level to move into a bearish zone.
There was also a spike below the $0.4000 support, but the bulls defend the 55 simple moving average (4-hours). A low is formed near $0.3930 and the price is now consolidating. It is trading just above $0.4000 and the 55 simple moving average (4-hours).
It is testing the 23.6% Fibonacci retracement level of the downward move from the $0.4379 swing high to $0.3930 low. There is also a key bullish trend line forming with support near $0.4000 on the 4-hours chart.
The first major resistance on the upside is near the $0.4100 level. The next key resistance is near the $0.4150 level. It is close to the 50% Fibonacci retracement level of the downward move from the $0.4379 swing high to $0.3930 low.
If there is an upside break above $0.4150, the price could revisit the main $0.4350 resistance. Any more gains might start a strong increase in the coming sessions.
If there is no upside break, the price could move down below $0.4000. The first key support is near the $0.3950 level and the 55 simple moving average (4-hours). Any more losses might call for a drop towards the $0.3750 support zone.
The chart indicates that XLM price is clearly consolidating above $0.4000 and the 55 simple moving average (4-hours). Overall, the price must clear the $0.4100 and $0.4350 resistance levels to start a strong increase.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is struggling to gain momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently close to the 50 level.
Key Support Levels – $0.4000 and $0.3750.
Key Resistance Levels – $0.4100, $0.4150 and $0.4350.
