- Stellar lumen price started a fresh decline from well above the $0.232 zone against the US Dollar.
- XLM price is now trading below $0.2000 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.2050 on the 4-hours chart (data feed via Kraken).
- The pair could continue to decline if there is a clear move below $0.1920.
Stellar lumen price is trading in a bearish zone below $0.2000 against the US Dollar, similar to bitcoin. XLM price must stay above $0.1920 to avoid more losses.
Stellar Lumen Price Analysis (XLM to USD)
In the past few days, stellar lumen price saw a major decline from well above $0.2500 against the US Dollar. The XLM/USD pair declined below the $0.2320 support to enter a bearish zone.
There was a move below the $0.2200 and $0.2050 support levels. There was also a close below the $0.2000 level and the 55 simple moving average (4-hours). A low is formed near $0.1929 and the price is now consolidating losses.
An immediate resistance is near the $0.2000 level. It is near the 23.6% Fib retracement level of the downward move from the $0.2264 swing high to $0.1929 swing low.
The next key resistance is near the $0.2050 level. There is also a major bearish trend line forming with resistance near $0.2050 on the 4-hours chart. Any more gains could lead the price towards the $0.2095 level and the 55 simple moving average (4-hours).
The 50% Fib retracement level of the downward move from the $0.2264 swing high to $0.1929 swing low is also near the $0.2095 level. A close above $0.2100 could open the doors for a decent increase.
An immediate support on the downside is near the $0.1950 level. The next major support is near the $0.1920 level. Any more losses could lead the price towards the $0.1880 level, where the bulls might take a stand. If they fail, the price may perhaps decline towards the $0.1680 support zone.
The chart indicates that XLM price is now trading below $0.2000 and the 55 simple moving average (4-hours). Overall, the price could continue to decline if there is a clear move below $0.1920 in the near term.
Technical Indicators
4 hours MACD – The MACD for XLM/USD is slowly gaining momentum in the bearish zone.
4 hours RSI – The RSI for XLM/USD is now below the 50 level.
Key Support Levels – $0.1920 and $0.1880.
Key Resistance Levels – $0.2000, $0.2050 and $0.2100.
