- Stellar lumen price is facing resistance near $0.4100 and $0.4350 against the US Dollar.
- XLM price is now consolidating just below $0.4000 and above the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $0.3800 on the 4-hours chart (data feed via Kraken).
- The pair must clear the $0.4110 and $0.4350 resistance levels to continue higher.
Stellar lumen price is showing positive signs above $0.3800 against the US Dollar, similar to bitcoin. XLM price could start a steady increase once it clears the $0.4120 resistance.
Stellar Lumen Price Analysis (XLM to USD)
After trading as low as $0.3411, stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.3500 resistance level to start the current increase.
The bulls were able to push the price above the $0.3650 and $0.3800 resistance levels. There was also a break above a key bearish trend line with resistance near $0.3800 on the 4-hours chart. The pair broke the 50% Fibonacci retracement level of the downward move from the $0.4382 swing high to $0.3411 low.
The price is now consolidating just below $0.4000 and above the 55 simple moving average (4-hours). An immediate resistance is near the $0.4100 and $0.4120 levels.
The next key resistance is near the $0.4150 level. It is close to the 76.4% Fibonacci retracement level of the downward move from the $0.4382 swing high to $0.3411 low. A clear break above the $0.4120 and $0.4150 levels could lead the price towards the $0.4380 resistance.
Any more gains is likely to open the doors for a move towards the $0.4550 and $0.4680 levels. The next major resistance sits at $0.5000. If there is no upside break above $0.4120, the price could move down.
The first key support is near the $0.3890 level and the 55 simple moving average (4-hours). Any more losses might call for a drop towards the $0.3770 support zone.
The chart indicates that XLM price is clearly consolidating just below $0.4000 and above the 55 simple moving average (4-hours). Overall, the price must clear the $0.4110 and $0.4350 resistance levels to continue higher.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is struggling to gain momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is currently well above the 50 level.
Key Support Levels – $0.3890 and $0.3770.
Key Resistance Levels – $0.4110, $0.4380 and $0.4550.