HomeAltcoin NewsStellar Lumen (XLM) Price Primed For More Upsides Above $0.0650

Stellar Lumen (XLM) Price Primed For More Upsides Above $0.0650

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  • Stellar lumen price is trading in a positive zone above the $0.0600 resistance against the US Dollar.
  • XLM price is showing positive signs and is testing the key $0.0640 and $0.0650 resistances.
  • There is a crucial bullish trend line forming with support near $0.0610 on the 4-hours chart (data feed via Kraken).
  • The pair is likely to rise sharply above the $0.0640 and $0.0650 resistance levels in the near term.

Stellar lumen price is gaining bullish momentum against the US Dollar and bitcoin. XLM price could trade further higher if it clears the $0.0650 resistance area.

Stellar Lumen Price Analysis (XLM to USD)

After testing the $0.0525 support, stellar lumen price started a decent recovery against the US Dollar. The XLM/USD pair broke a couple of important resistances near the $0.0580 and $0.0600 resistance levels to move into a bullish zone. Moreover, there was a close above the $0.0600 resistance area and the 55 simple moving average (4-hours). It opened the doors for more gains above the $0.0620 level.

The price traded as high as $0.0651 and it recently corrected lower. However, the $0.0600 support area protected declines. A low was formed near $0.0592 and the price is currently climbing higher. It traded above the $0.0620 resistance area. Additionally, there was a break above the 50% Fibonacci retracement level of the recent decline from the $0.0651 high to $0.0592 low.

At the moment, the price is trading near the $0.0640 resistance area. It seems like the 76.4% Fibonacci retracement level of the recent decline from the $0.0651 high to $0.0592 low is acting as a resistance. The main resistance is near the $0.0650 resistance area. A successful break could push the price towards the $0.0680 and $0.0700 resistance levels.

On the downside, there are many supports forming near the $0.0610 and $0.0600 levels. Moreover, there is a crucial bullish trend line forming with support near $0.0610 on the 4-hours chart. The 55 SMA is also near the $0.0610 level. Therefore, a downside break below the $0.0600 support area might start a major correction towards the $0.0580 and $0.0550 levels.

Stellar Lumen Price Analysis (XLM to USD)

The chart indicates that XLM price is showing a lot of positive signs above the $0.0600 level. The price action is positive and suggests more gains above the $0.0650 resistance area. The next main target for the bulls may perhaps be near the $0.0700 level in the near term.

Technical Indicators

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

4 hours RSI – The RSI for XLM/USD is heading higher towards the 65 level.

Key Support Levels – $0.0610 and $0.0600.

Key Resistance Levels – $0.0640, $0.0650 and $0.0700.

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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