- Stellar lumen price started a downside correction from the $0.1300 zone against the US Dollar.
- XLM price is now trading below $0.1250 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $0.1250 on the 4-hour chart (data feed via Kraken).
- The pair could start another increase if it clears the $0.125 and $0.130 resistance levels.
Stellar lumen price is trading above $0.120 against the US Dollar, like bitcoin. XLM’s price must stay above the $0.1185 support to rise again.
Stellar Lumen Price Analysis (XLM to USD)
After forming a base above the $0.1150 level, Stellar lumen price started a fresh increase against the US Dollar. The XLM/USD pair broke the $0.120 resistance zone to move into a positive zone.
The price even cleared the $0.1250 resistance and the 55 simple moving average (4 hours). The upward move was such that the price spiked to $0.135 before it corrected lower. There was a drop below the $0.125 support level.
The price is now trading below the 23.6% Fib retracement level of the upward move from the $0.1132 swing low to the $0.1273 high. XLM is now trading above $0.1200 and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near the $0.125 zone. There is also a key bearish trend line forming with resistance near $0.1250 on the 4-hour chart. The next major resistance is near the $0.1300 level. A clear move above the $0.1300 level might send the price toward the $0.1350 level.
Any more gains could lead the price toward the $0.1400 level or even $0.1420. Initial support on the downside is near the $0.120 level.
The next major support sits near the $0.1185 level or the 61.8% Fib retracement level of the upward move from the $0.1132 swing low to the $0.1273 high. Any more losses could lead the price toward the $0.1132 level in the near term.
The chart indicates that XLM’s price is now trading above $0.120 and the 55 simple moving average (4 hours). Overall, the price could start another increase if it clears the $0.125 and $0.130 resistance levels.
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 now below the 50 level.
Key Support Levels – $0.120 and $0.1185.
Key Resistance Levels – $0.125, $0.130, and $0.132.
