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HomeAltcoin NewsStellar Lumen (XLM) Price Remain Bearish Below $0.0720-$0.0750

Stellar Lumen (XLM) Price Remain Bearish Below $0.0720-$0.0750

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  • Stellar lumen price retested the key $0.0650 support and recovered higher against the US Dollar.
  • XLM price is currently facing many hurdles on the upside near $0.0720 and $0.0750.
  • There was a break above a major bearish trend line with resistance near $0.0695 on the 4-hours chart (data feed via Kraken).
  • The pair is currently trading near $0.0700 and seems to be facing a strong resistance near $0.0720.

Stellar lumen price is facing an uphill task near $0.0720 against the US Dollar. XLM price could recover if it breaks $0.0720 and $0.0750 in the near term.

Stellar Lumen Price Analysis (XLM to USD)

This past week, stellar lumen price failed to recover above the $0.0720 resistance against the US Dollar. As a result the XLM/USD pair even started a fresh decrease below the $0.0700 level and 55 simple moving average (4-hours). Moreover, there was a break below the $0.0680 support area. Finally, the price retested the $0.0650 support area. The recent swing low was near $0.0654 before the price started an upside correction.

There was a break above the $0.0680 resistance and the 55 simple moving average (4-hours). Moreover, there was a break above a major bearish trend line with resistance near $0.0695 on the 4-hours chart. However, the price struggled near the key $0.0718 and $0.0720 resistance levels. The price is currently correcting below $0.0705 plus the 23.6% Fibonacci retracement level of the recent wave from the $0.0654 low to $0.0719 high.

However, the $0.0685 level is acting as a support along with the 55 simple moving average (4-hours). Additionally, the 50% Fibonacci retracement level of the recent wave from the $0.0654 low to $0.0719 high is also providing support. If there is a downside break below the $0.0680 level and the 55 simple moving average (4-hours), the price could retest the $0.0650 support.

Any further declines below the $0.0650 support might accelerate losses towards the $0.0600 and $0.0580 levels. On the upside, the main resistance is near the $0.0750 level. If there is a successful close above the $0.0720 resistance, the price could recover towards the $0.0750 and $0.0765 resistance levels.

Stellar Lumen Price Analysis (XLM to USD)

The chart indicates that XLM price is clearly attempting to climb higher, but it is facing a strong resistance near $0.0720. The next couple of days could be important and the price is likely to make another attempt to climb higher towards $0.0750 and $0.0765. If it fails, it could break the $0.0650 support.

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 currently flat above the 50 level.

Key Support Levels – $0.0680 and $0.0650.

Key Resistance Levels – $0.0720, $0.0750 and $0.0765.

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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