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HomeAltcoin NewsStellar Lumen (XLM) Price Recovery Could Fail Near $0.066 And $0.068

Stellar Lumen (XLM) Price Recovery Could Fail Near $0.066 And $0.068

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  • Stellar lumen price declined sharply after it failed to clear the $0.0720 resistance against the US Dollar.
  • XLM price tested the $0.0500 support level and settled well below the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $0.0650 on the 4-hours chart (data feed via Kraken).
  • The pair is likely to resume its decline if it fails to clear the $0.0660 and $0.0680 resistance levels.

Stellar lumen price is currently recovering from the $0.0500 support against the US Dollar, similar to bitcoin. XLM price must settle above $0.0680 to continue higher in the near term.

Stellar Lumen Price Analysis (XLM to USD)

In the past few days, stellar lumen price remained in a negative zone and broke the $0.0680 support against the US Dollar. The XLM/USD pair declined sharply below the $0.0600 support and the 55 simple moving average (4-hours).

It traded as low as $0.0500 before starting an upside correction. There was a strong recovery above the $0.0600 resistance level. The price even climbed above the 50% Fibonacci retracement level of the key drop from the $0.0725 high to $0.0500 low.

However, the price is currently facing a strong resistance near the $0.0650 level. There is also a key bearish trend line forming with resistance near $0.0650 on the 4-hours chart.

The trend line is close to the 61.8% Fibonacci retracement level of the key drop from the $0.0725 high to $0.0500 low. The next key resistance is near the $0.0680 level (the last major breakdown zone) and the 55 simple moving average (4-hours).

Therefore, stellar price must climb above the $0.0660 and $0.0680 resistance levels to continue higher in the near term. Any further gains could open the doors for a push towards the $0.0720 and $0.0750 level.

Conversely, the price is likely to resume its decline from the $0.0660 resistance. An initial support is near the $0.0620 level. The main support is near the $0.0600 level, below which the bears are likely to aim a test of the $0.0500 support.

Stellar Lumen Price
Stellar Lumen Price

The chart indicates that XLM price is clearly facing a major hurdle near $0.0660 and $0.0680. A clear break above the $0.0680 is needed for a sustained upward move in the coming sessions.

Technical Indicators

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

4 hours RSI – The RSI for XLM/USD is still well below the 50 level.

Key Support Levels – $0.0620 and $0.0600.

Key Resistance Levels – $0.0650, $0.0660 and $0.0680.

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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