HomeAltcoin NewsStellar Lumen (XLM) Price Remains In Uptrend Above $0.0650

Stellar Lumen (XLM) Price Remains In Uptrend Above $0.0650

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  • Stellar lumen price is showing a lot of positive signs above the $0.0650 support against the US Dollar.
  • XLM price corrected lower recently after trading as high as $0.072.
  • There is a key rising channel forming with support near $0.0650 on the 4-hours chart (data feed via Kraken).
  • The pair remains well supported on the downside near the $0.0660 and $0.0650 levels.

Stellar lumen price is following a bullish path against the US Dollar and bitcoin. XLM price start a fresh increase as long as the price is above the $0.0650 level.

Stellar Lumen Price Analysis (XLM to USD)

This past week, there was a steady rise in stellar lumen price above the $0.0620 resistance against the US Dollar. Moreover, the XLM/USD pair surged above the $0.0650 resistance and the 55 simple moving average (4-hours).

Finally, the price spiked above the $0.0720 resistance and a swing high was formed near the $0.0722. Recently, the price started a downside correction and traded below the $0.0700 level.

Besides, there was a break below the 23.6% Fibonacci retracement level of the recent wave from the $0.0625 low to $0.0722 high. However, there are many supports on the downside near the $0.0650 and $0.0660 levels.

More importantly, there is a key rising channel forming with support near $0.0650 on the 4-hours chart. Additionally, the 50% Fibonacci retracement level of the recent wave from the $0.0625 low to $0.0722 high is likely to act as a support area.

If there is a downside break below the channel support, there is a risk of an extended decline below the $0.0650 support area. The next major support is near the $0.0625 low, where the bulls may perhaps take a stand. An intermediate support is near the 55 simple moving average (4-hours).

On the upside, an immediate resistance is near the $0.0700 level. If there is an upside break above $0.0700, the price could start a strong rise above the $0.0720 resistance area. The next key resistance area is near the $0.0750 level.

Stellar Lumen Price
Stellar Lumen Price

The chart indicates that XLM price is clearly trading above key uptrend supports near $0.0660 and $0.0650. Therefore, there are high chances of a fresh increase above the $0.0700 resistance area. Only a close below the $0.0650 level could start a major decline. The next key supports are near the $0.0625 and $0.0600 levels.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is about to move back into the bullish zone.

4 hours RSI – The RSI for XLM/USD is currently holding the 50 level, with a few positive signs.

Key Support Levels – $0.0650 and $0.0625.

Key Resistance Levels – $0.0695, $0.0700 and $0.0750.

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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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