HomeAltcoin NewsStellar Lumen (XLM) Price In Strong Uptrend And It Could Surpass $0.07

Stellar Lumen (XLM) Price In Strong Uptrend And It Could Surpass $0.07

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  • Stellar lumen price is following a nice uptrend and it recently tested $0.066 against the US Dollar.
  • XLM price corrected lower, but it remained well bid above the $0.0600 support area.
  • There is a major bullish trend line forming with support near $0.0600 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to rise above the $0.0660 and $0.0680 resistance levels.

Stellar lumen price is trading with a bullish bias above $0.0600 against the US Dollar, similar to bitcoin. XLM is likely to rise further and it might surpass the $0.0700 resistance.

Stellar Lumen Price Analysis (XLM to USD)

In the past few days, stellar lumen price climbed above the $0.0520 and $0.0555 resistance levels against the US Dollar. Moreover, the XLM/USD pair surged above the $0.0600 resistance and the 55 simple moving average (4-hours).

Finally, the price broke the $0.0650 resistance and traded to a new 2020 high at $0.0662. Recently, there was a downside correction below the $0.0650 and $0.0640 levels.

The price traded below the 23.6% Fibonacci retracement level of the recent rally from the $0.0519 low to $0.0662 high. However, stellar price found a strong support near the $0.0600 area.

More importantly, there is a major bullish trend line forming with support near $0.0600 on the 4-hours chart. The trend line is also close to the 50% Fibonacci retracement level of the recent rally from the $0.0519 low to $0.0662 high.

If there is a downside break below the trend line and $0.0600, the price could correct further lower towards $0.0550. The main support is near the $0.0520 level, below which the price is likely to turn bearish.

Conversely, the price could continue to rise above the $0.0620 and $0.0635 levels. The first major resistance is near the $0.0660 level. Therefore, a successful break above the $0.0650 and $0.0660 levels could open the doors for more gains.

The next key hurdle is near the $0.0700 level, above which the bulls are likely to aim a larger rally may be towards the $0.0850 level.

Stellar Lumen Price
Stellar Lumen Price

The chart indicates that XLM price is clearly trading in a nice uptrend above the $0.0600 support. In the short term, there could be a pullback, but as long as the price is above $0.0555, there are chances of a fresh increase towards $0.0660 and $0.0700.

Technical Indicators

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

4 hours RSI – The RSI for XLM/USD is still well above the 50 level.

Key Support Levels – $0.0600 and $0.0555.

Key Resistance Levels – $0.0650, $0.0660 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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