- Stellar lumen price started a strong increase after forming support near $0.1220 against the US Dollar.
- XLM price is now trading above the $0.1400 resistance and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.1320 on the 4-hours chart (data feed via Kraken).
- The pair is likely to continue higher towards the $0.1550 and $0.1700 resistance levels.
Stellar lumen price is gaining bullish momentum above $0.1400 against the US Dollar, while bitcoin holding gains. XLM price is likely to rally further towards the $0.1700 barrier in the near term.
Stellar Lumen Price Analysis (XLM to USD)
This past week, stellar lumen price formed a strong support base above the $0.1220 level against the US Dollar. The XLM/USD pair started a steady increase above the $0.1300 and $0.1350 level to continue higher.
To start the recent increase, there was a break above a major bearish trend line with resistance near $0.1320 on the 4-hours chart. The pair is now trading above the $0.1400 resistance and the 55 simple moving average (4-hours).
There was also a break above the 50% Fibonacci retracement level of the key downward move from the $0.1543 high to $0.1226 low. The current price action suggests chances of more upsides above $0.1500.
The price is currently testing the 76.4% Fibonacci retracement level of the key downward move from the $0.1543 high to $0.1226 low. A clear break above the $0.1500 and $0.1550 levels may possibly increase the chances of a move above $0.1620 level.
In the stated case, the price could even hit the $0.1700 level in the coming sessions. Any more upsides might call for a test of the $0.1800 level.
Conversely, the price might start a downside correction from $0.1500 or $0.1550. An initial support on the downside is near the $0.1400 level. The next major support on the downside is near the $0.1350 level.
The chart indicates that XLM price is clearly gaining bullish momentum above $0.1400 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher towards the $0.1550 and $0.1700 resistance levels in the near term.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently well above the 50 level.
Key Support Levels – $0.1400 and $0.1300.
Key Resistance Levels – $0.1500, $0.1550 and $0.1700.
