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HomeAltcoin NewsStellar Lumen (XLM) Price Gaining Bullish Momentum Towards $0.17

Stellar Lumen (XLM) Price Gaining Bullish Momentum Towards $0.17

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  • 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.

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

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.

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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