- 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.
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.