HomeAltcoin NewsStellar Lumen (XLM) Price Looks Set To Surge If It Breaks $0.08

Stellar Lumen (XLM) Price Looks Set To Surge If It Breaks $0.08

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  • Stellar lumen price is trading in a bullish zone above the $0.0750 resistance level against the US Dollar.
  • XLM price is likely to surge higher if it clears the $0.0800 and $0.0828 resistance levels.
  • There is a major breakout pattern forming with resistance near $0.0800 on the 4-hours chart (data feed via Kraken).
  • The pair could rise sharply unless it fails to stay above the $0.0750 support zone.

Stellar lumen price is trading in an uptrend above $0.0750 against the US Dollar, similar to bitcoin. XLM price looks set for the next leg higher above the $0.0800 resistance zone.

Stellar Lumen Price Analysis (XLM to USD)

In the past few days, stellar lumen price remained in a bullish zone above the $0.0700 level against the US Dollar. The XLM/USD pair broke many hurdles near the $0.0800 barrier and the 55 simple moving average (4-hours).

A new monthly high was formed near $0.0863 before the price started a downside correction. There was a break below the $0.0820 and $0.0800 support levels. However, the decline was protected by the $0.0750 level and the 55 simple moving average (4-hours).

A low is formed near $0.0754 and the price is currently rising steadily. It is trading above the 23.6% Fibonacci retracement level of the recent decline from the $0.0863 high to $0.0754 low.

It seems like there is a major breakout pattern forming with resistance near $0.0800 on the 4-hours chart. On the upside, the price is facing a major hurdle near the $0.0800 level and a connecting bearish trend line.

If there is an upside break above the $0.0800 resistance, the price could test the $0.0808 level. It is close to the 50% Fibonacci retracement level of the recent decline from the $0.0863 high to $0.0754 low.

The next major resistance is near the $0.0828 level, above which the price might accelerate to a new monthly high above the $0.0860 level. Conversely, the price could start a major decline below the main $0.0750 support zone. The next major support is seen near the $0.0700 level.

Stellar Lumen Price
Stellar Lumen Price

The chart indicates that XLM price is showing a lot of positive signs above the $0.0750 and $0.0780 support levels. Having said that, the price must gain pace above the $0.0800 resistance to continue higher towards $0.0900.

Technical Indicators

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

4 hours RSI – The RSI for XLM/USD is currently close to the 50 level.

Key Support Levels – $0.0750 and $0.0720.

Key Resistance Levels – $0.0800, $0.0828 and $0.0880.

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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