- Stellar lumen price started a fresh increase above the $0.5500 resistance zone against the US Dollar.
- XLM price is now trading well above $0.6000 and the 55 simple moving average (4-hours).
- There is a crucial bullish trend line forming with support near $0.5800 on the 4-hours chart (data feed via Kraken).
- The pair is likely to accelerate higher above the $0.6800 and $0.7000 resistance levels.
Stellar lumen price is gaining pace above $0.5500 against the US Dollar, similar to bitcoin. XLM price could extend its rally once there is a close above $0.7000.
Stellar Lumen Price Analysis (XLM to USD)
After forming a base above the $0.5000 support zone, stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.5200 and $0.5500 resistance levels to move into a positive zone.
The prices surged above the $0.6000 level and the 55 simple moving average (4-hours). The price traded as high as $0.6901 before starting a downside correction. It traded below the $0.6000 level, but the bulls were active above the $0.5500 zone.
A low is formed near $0.5751 and the price is now rising. It is trading well above $0.6000 and the 55 simple moving average (4-hours). There was a break above the 50% Fibonacci retracement level of the downward move from the $0.6901 swing high to $0.5751 low.
There is also a crucial bullish trend line forming with support near $0.5800 on the 4-hours chart. The pair is now consolidating near the $0.6500 level.
An initial resistance is near the $0.6650 level. It is near the 76.4% Fibonacci retracement level of the downward move from the $0.6901 swing high to $0.5751 low. The next major resistance is near the $0.6800 level. A successful break above the $0.6800 resistance level could set the pace for a strong upward move. In the stated case, the price could easily rise towards the $0.7500 level or even $0.8000.
On the downside, an initial support is near the $0.6200 level. The first key support is near the $0.6000 level. The main support is now forming near $0.5750 and the 55 simple moving average (4-hours).
The chart indicates that XLM price is clearly trading well above $0.5500 and the 55 simple moving average (4-hours). Overall, the price is likely to accelerate higher above the $0.6800 and $0.7000 resistance levels.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is now gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently well above the 55 level.
Key Support Levels – $0.6000 and $0.5750.
Key Resistance Levels – $0.6650, $0.6800 and $0.7000.
