HomeAltcoin NewsStellar Lumen (XLM) Price Gaining Bullish Momentum, Bulls Aim $0.12

Stellar Lumen (XLM) Price Gaining Bullish Momentum, Bulls Aim $0.12

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  • Stellar lumen price is showing a lot of positive signs above $0.1000 against the US Dollar.
  • XLM price tested the $0.1120 resistance zone and it is now well above the 55 simple moving average (4-hours).
  • There is a major contracting triangle forming with resistance near $0.1090 on the 4-hours chart (data feed via Kraken).
  • The pair could correct a few points, but dips are likely to be limited below $0.1000 and $0.0980.

Stellar lumen price is trading in a bullish zone above $0.1000 against the US Dollar, similar to bitcoin above $18K. XLM price is likely to continue higher above $0.1120 and $0.1150.

Stellar Lumen Price Analysis (XLM to USD)

In the past few days, stellar lumen price gained pace above the $0.0880 and $0.0900 against the US Dollar. The XLM/USD pair even surged above the $0.1000 resistance and settled well above the 55 simple moving average (4-hours).

Finally, there was a break above $0.1100 before the price faced hurdles near $0.1150. There was a downside correction below the $0.1050 level, but the bulls were able to protect the $0.1000 level. A swing low was formed near $0.0965 and the price is currently rising.

The recent swing high was near $0.1098. An initial support is forming near the $0.1030 level since it is close to the 50% Fibonacci retracement level of the recent wave from the $0.0965 low to $0.1098 high.

There is also a major contracting triangle forming with resistance near $0.1090 on the 4-hours chart. The triangle support is close to the 61.8% Fibonacci retracement level of the recent wave from the $0.0965 low to $0.1098 high.

If there is upside break above the $0.1080 and $0.1100 resistance levels, the price could continue to grind higher. The next major resistance is near $0.1120, above which the price might rally towards the $0.1200 level.

Conversely, there is a risk of a fresh decline below the triangle support and $0.1020. An initial support is near the $0.1000 level, below which the price could dive towards the $0.0850 support.

Stellar Lumen (XLM) Price
Stellar Lumen (XLM) Price

The chart indicates that XLM price is clearly showing positive signs above $0.1000 and the 55 simple moving average (4-hours). Overall, the price could correct a few points, but dips are likely to be limited below $0.1000 and $0.0980.

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 now well above the 50 level.

Key Support Levels – $0.1000 and $0.0880.

Key Resistance Levels – $0.1080, $0.1120 and $0.1200.

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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