- 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.
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.