- Stellar lumen price started a fresh decline from the $0.3100 resistance against the US Dollar.
- XLM price is now trading below $0.3000 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $0.2720 on the 4-hours chart (data feed via Kraken).
- The pair could start a steady upward move if there is a clear break above $0.2850.
Stellar lumen price is trading in a bearish zone below $0.3000 against the US Dollar, similar to bitcoin. XLM price must settle above $0.3080 to start a fresh increase.
Stellar Lumen Price Analysis (XLM to USD)
After forming a base above the $0.2550 level, stellar lumen price started a recovery wave against the US Dollar. The XLM/USD pair traded above the $0.2850 level, but there was no clear move above the $0.3000 resistance.
The price started a fresh decline and traded below the $0.2850 support. The price even broke the $0.2650 support zone and the 55 simple moving average (4-hours). A low was formed near $0.2566 and the price is now consolidating losses.
There was a break above the 23.6% Fibonacci retracement level of the downward move from the $0.3089 swing high to $0.2566 low. Besides, there was a break above a key bearish trend line with resistance near $0.2720 on the 4-hours chart.
However, the price is now facing resistance near the $0.2820 level. The next major resistance is now near $0.2850. It is near the 50% Fibonacci retracement level of the downward move from the $0.3089 swing high to $0.2566 low.
If there is a clear break above the $0.2850 resistance zone, the price could start another steady increase. The next key resistance is near the $0.3000 level.
An immediate support is near the $0.2600 level. The main support is near $0.2550. A downside break below the $0.2550 support might call for more losses. The next major support is near the $0.2200 zone.
The chart indicates that XLM price is now trading below $0.3000 and the 55 simple moving average (4-hours). Overall, the price could start a steady upward move if there is a clear break above $0.2850.
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 – $0.2600 and $0.2550.
Key Resistance Levels – $0.2750, $0.2850 and $0.3000.
