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HomeAltcoin NewsStellar Lumen (XLM) Price Primed For Gains, Dips Remains Supported

Stellar Lumen (XLM) Price Primed For Gains, Dips Remains Supported

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  • Stellar lumen price is currently correcting lower from the $0.0500 resistance against the US Dollar.
  • XLM price remains well supported on the downside near the $0.0466 and $0.0460 levels.
  • There is a key contracting triangle forming with resistance near $0.0490 on the 4-hours chart (data feed via Kraken).
  • The pair could start a nice upward move if it breaks the $0.0490 and $0.0500 resistance levels.

Stellar lumen price is showing positive signs above $0.0450 against the US Dollar, similar to bitcoin above $7,700. XLM is likely to find buyers if it dips towards $0.0450.

Stellar Lumen Price Analysis (XLM to USD)

In the past few days, stellar lumen price gained pace above the $0.0450 resistance against the US Dollar. The XLM/USD pair even settled above the $0.0460 level and the 55 simple moving average (4-hours).

Finally, the price tagged the $0.0500 and $0.0505 resistance levels before correcting lower. It dipped sharply, but the $0.0450 zone acted as a support. The recent swing low was near $0.0456 and the high was $0.0494.

The price is currently correcting lower below $0.0490. It broke the 23.6% Fibonacci retracement level of the recent wave from the $0.0456 low to $0.0494 high. On the downside, an initial support is near the $0.0475 level.

Besides, the 55 simple moving average (4-hours) is positioned along with the 50% Fibonacci retracement level of the recent wave from the $0.0456 low to $0.0494 high near the $0.0475 level.

On the upside, there are hurdles forming for stellar price near $0.0490 and $0.0500. More importantly, there is a key contracting triangle forming with resistance near $0.0490 on the 4-hours chart.

Therefore, a clear break above the $0.0490 and $0.0500 resistance levels might set the pace for more gains in the near term. The next key resistances are seen near the $0.0520 and $0.0528 levels.

Conversely, the price might dip below the $0.0475 support and the 55 simple moving average (4-hours). The next major support is near the $0.0460 and $0.0455 levels, below which the bears are likely to take control.

Stellar Lumen Price
Stellar Lumen Price

The chart indicates that XLM price is clearly trading in a positive zone above the $0.0475 and $0.0460 support levels. As long as there is no close below $0.0460, the price is likely to surpass the $0.0490 and $0.0500 resistance levels in the near term.

Technical Indicators

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

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

Key Support Levels – $0.0475 and $0.0460.

Key Resistance Levels – $0.0490, $0.0500 and $0.0505.

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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