HomeAltcoin NewsStellar Lumen (XLM) Price Needs To Clear This To Start Recovery

Stellar Lumen (XLM) Price Needs To Clear This To Start Recovery

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  • Stellar lumen price is struggling below the $0.0850 resistance zone against the US Dollar.
  • XLM price is now trading below $0.0820 and the 55 simple moving average (4 hours).
  • There is a crucial bearish trend line forming with resistance near $0.0812 on the 4-hour chart (data feed via Kraken).
  • The pair could start a recovery wave if it clears the $0.0820 resistance.

Stellar lumen price is trading below $0.0820 against the US Dollar, similar to Bitcoin. XLM price could extend losses if it trades below the $0.0778 support.

Stellar Lumen Price Analysis (XLM to USD)

After a sharp decline below $0.082, Stellar Lumen price moved into a bearish zone against the US Dollar. The XLM/USD pair traded below the $0.0800 level.

There was also a spike below the $0.0765 support zone. A low was formed near $0.0752 before the price started an upside correction. There was a move above the $0.0765 and $0.0778 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.0862 swing high to the $0.0752 low.

The price is now facing resistance near the $0.0808 level. It is close to the 50% Fib retracement level of the downward move from the $0.0862 swing high to the $0.0752 low.

There is also a crucial bearish trend line forming with resistance near $0.0812 on the 4-hour chart. XLM is now trading below $0.0820 and the 55 simple moving average (4 hours). Initial support on the downside is near the $0.0778 level. The next major support is near the $0.0750 zone.

Any more losses could lead the price toward the $0.0730 level in the near term, below which the price might even retest $0.0720. On the upside, the price is facing resistance near the $0.0808 level and the trend line.

A clear upside break above the $0.0808 zone might send the price toward $0.0820. Any more gains could lead the price toward the $0.0850 level or even $0.0900.

Stellar Lumen (XLM) Price
Stellar Lumen (XLM) Price

The chart indicates that XLM price is now trading below $0.0820 and the 55 simple moving average (4 hours). Overall, the price could start a recovery wave if it clears the $0.0820 resistance.

Technical Indicators

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

4 hours RSI – The RSI for XLM/USD is now below the 50 level.

Key Support Levels – $0.0778 and $0.0750.

Key Resistance Levels – $0.0808, $0.0820, and $0.0850.

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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