- Stellar lumen price is rising steadily and it is trading nicely above $0.0620 against the US Dollar.
- XLM price is currently facing a short term resistance near $0.0660.
- There is a major ascending channel forming with support near $0.0625 on the 4-hours chart (data feed via Kraken).
- The pair could rally significantly once there is a clear break above the $0.0660 resistance area.
Stellar lumen price is trading in an uptrend against the US Dollar, similar to bitcoin. XLM is likely to continue higher above $0.0660 and $0.0700 in the coming sessions.
Stellar Lumen Price Analysis (XLM to USD)
After forming a support base near the $0.0560 level, stellar lumen price started a steady rise against the US Dollar. The XLM/USD pair broke a couple of important hurdles near $0.0600 level to move into an uptrend.
Moreover, there was a close above the $0.0620 level and the 55 simple moving average (4-hours). Finally, the price climbed above the $0.0650 resistance and traded to a new monthly high at $0.0659.
Recently, there was a downside correction below the $0.0650 level. Besides, there was a break below the 23.6% Fibonacci retracement level of the upward move from the $0.0598 low to $0.0659 high.
However, the price found support near the $0.0630 level and remained well bid above the $0.0620 support. More importantly, there is a major ascending channel forming with support near $0.0625 on the 4-hours chart.
The 50% Fibonacci retracement level of the upward move from the $0.0598 low to $0.0659 high is also providing support near the $0.0625 level. If there is a downside break below the $0.0620 support, stellar price might correct lower towards the $0.0600 support area.
The 55 simple moving average (4-hours) is also near the $0.0600 support area. On the upside, there is a short term resistance near $0.0660. A clear break above the $0.0660 resistance area could start another increase.
The next major target for the bulls may perhaps be near the $0.0700 level. An intermediate resistance is seen near the $0.0685 level. Any further gains might call for a test of $0.0800.
The chart indicates that XLM price is approaching a crucial resistance area near $0.0660. A successful close above the $0.0660 level could pump the price towards the $0.0700 level. Conversely, the price might correct back towards the $0.0600 support.
4 hours MACD – The MACD for XLM/USD is currently gaining momentum in the bullish zone.
4 hours RSI – The RSI for XLM/USD is now well above the 55 level.
Key Support Levels – $0.0620 and $0.0600.
Key Resistance Levels – $0.0660, $0.0685 and $0.0700.