- 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.
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.
