- 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.
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.
