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HomeAltcoin NewsStellar Lumen (XLM) Price Primed For A Fresh Rally Above $0.45

Stellar Lumen (XLM) Price Primed For A Fresh Rally Above $0.45

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  • Stellar lumen price declined heavily from well above $0.6000 against the US Dollar.
  • XLM price is now trading well below $0.5000 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.4500 on the 4-hours chart (data feed via Kraken).
  • The pair is likely to start a fresh increase if it clears the $0.4500 and $0.5000 resistance levels.

Stellar lumen price is consolidating above $0.4000 against the US Dollar, while bitcoin is rising. XLM price could soon accelerate higher above the $0.4500 and $0.5000 levels.

Stellar Lumen Price Analysis (XLM to USD)

After forming a top near the $0.6800 zone, stellar lumen price started a fresh decline against the US Dollar. The XLM/USD pair traded below many important supports near $0.5500 and $0.5200.

The price even settled below the $0.5000 zone and the 55 simple moving average (4-hours). It tested the $0.3800 zone and recently started an upside correction. There was a break above the $0.4000 resistance zone.

The bulls pushed the price above the 23.6% Fibonacci retracement level of the downward move from the $0.5679 swing high to $0.3821 low. It is now approaching the $0.4500 resistance zone. There is also a major bearish trend line forming with resistance near $0.4500 on the 4-hours chart.

The next major resistance is near the $0.5000 level and the 55 simple moving average (4-hours). There is another bearish trend line forming with resistance near $0.5000 on the same chart.

A successful break above the $0.4500 and $0.5000 resistance levels could set the pace for a strong upward move. In the stated case, the price could easily rise towards the $0.6000 level. If there is no upside break above $0.4500, the price could move down.

The first key support is near the $0.4200 level. The main support is now forming near $0.4000, below which there is a risk of a sharp decline.

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

The chart indicates that XLM price is clearly trading well below $0.5000 and the 55 simple moving average (4-hours). Overall, the price is likely to start a fresh increase if it clears the $0.4500 and $0.5000 resistance levels.

Technical Indicators

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

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

Key Support Levels – $0.4200 and $0.4000.

Key Resistance Levels – $0.4500, $0.5000 and $0.5500.

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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