HomeAltcoin NewsStellar Lumen (XLM) Price Recovery Faces Uphill Task At $0.1130

Stellar Lumen (XLM) Price Recovery Faces Uphill Task At $0.1130

Date:

Related stories

It’s Not Just Degens, Institutions Love Memecoins Too

In a report released by Bybit on June 4,...

Bitpanda and Deutsche Bank Take their Relationship to the Next Level

Bitpanda, one of the leading European crypto trading and...

Solana (SOL) Price Analysis: Dips Attractive Near $135

Solana price started a downside correction from the...
spot_imgspot_img
  • Stellar lumen price is attempting a recovery wave from the $0.1065 zone against the US Dollar.
  • XLM price is now trading above $0.1100 and the 55 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance at $0.1080 on the 4-hour chart (data feed via Kraken).
  • The pair could start a decent increase if there is a clear move above the $0.1130 resistance zone.

Stellar lumen price is trading above $0.1100 against the US Dollar, like Bitcoin. XLM price must clear $0.1130 to gain bullish momentum.

Stellar Lumen Price Analysis (XLM to USD)

After a steady increase, Stellar lumen price saw a rejection pattern near the $0.1168 zone against the US Dollar. The XLM/USD pair traded below the $0.1130 support and tested the $0.1150 zone.

A low was formed near $0.1068 and the price is now attempting a recovery wave. There was a break above the $0.1100 resistance zone. The price climbed above the 50% Fib retracement level of the downward move from the $0.1167 swing high to the $0.1068 low.

There was also a break above a key bearish trend line with resistance at $0.1080 on the 4-hour chart. XLM is now trading above $0.1100 and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near the $0.1125 zone. The next major resistance is near the $0.1130 level or the 61.8% Fib retracement level of the downward move from the $0.1167 swing high to the $0.1068 low.  A clear move above the $0.1130 level might send the price toward the $0.1168 level.

Any more gains could lead the price toward the $0.1200 level or even $0.1220. Initial support on the downside is near the $0.1100 level or the 100 SMA.

The main support is near the $0.1068 zone. Any more losses could lead the price toward the $0.1000 level in the near term, below which the price might even retest $0.0950.

Stellar Lumen (XLM) Price
Stellar Lumen (XLM) Price

The chart indicates that XLM price is now trading above $0.110 and the 55 simple moving average (4 hours). Overall, the price could start a major increase if there is a clear move above the $0.1130 resistance zone.

Technical Indicators

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

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

Key Support Levels – $0.1100 and $0.1068.

Key Resistance Levels – $0.1125, $0.1130, and $0.1168.

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.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img