HomeAltcoin NewsStellar Lumen (XLM) Price Forming Strong Uptrend, $0.07 Next?

Stellar Lumen (XLM) Price Forming Strong Uptrend, $0.07 Next?

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  • Stellar lumen price is up more than 10% and it broke the $0.0600 resistance area against the US Dollar.
  • XLM price traded to a new monthly high at $0.0661 and it is currently consolidating gains.
  • There is a short term contracting triangle forming with support near $0.0610 on the 4-hours chart (data feed via Kraken).
  • The pair could correct further lower towards the $0.0575 support and the 55 simple moving average (4-hours).

Stellar lumen price is showing many bullish signs against the US Dollar and bitcoin. XLM price could correct a few points, but dips remain supported near $0.0600 and $0.0575.

Stellar Lumen Price Analysis (XLM to USD)

This past week, stellar lumen price started a strong rise above the $0.0520 resistance against the US Dollar. The XLM/USD pair rallied more than 10% and broke the $0.0550 and $0.0600 resistance levels.

The price even surpassed the $0.0620 resistance and settled well above the 55 simple moving average (4-hours). A high is formed near the $0.0661 and the price recently corrected lower.

There was a break below the $0.0650 and $0.0640 levels. Besides, there was a break below the 23.6% Fibonacci retracement level of the recent rally from the $0.0489 low to $0.0661 high.

On the downside, there is a key support forming near the $0.0610 and $0.0606 levels. There is also a short term contracting triangle forming with support near $0.0610 on the 4-hours chart. The first key support is near the $0.0606 level, below which the price might extend its decline.

The next major support is near the $0.0575 level or the 50% Fibonacci retracement level of the recent rally from the $0.0489 low to $0.0661 high. Moreover, there is a connecting bullish trend line with support at $0.0560 on the same chart.

If stellar price fails to stay above the $0.0575 and $0.0560 support levels, it could move back into a bearish zone. On the upside, the price must break the triangle resistance at $0.0622 for more upsides. The next key resistance is near $0.0650, above which it could continue to rise towards the $0.0700 level.

Stellar Lumen Price
Stellar Lumen Price

The chart indicates that XLM price is trading in a positive zone above the $0.0600 and $0.0575 levels. In the short term, the price could correct further lower towards the $0.0575 support and the 55 simple moving average (4-hours).

Technical Indicators

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

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

Key Support Levels – $0.0606 and $0.0575.

Key Resistance Levels – $0.0622, $0.0650 and $0.0700.

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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