HomeAltcoin NewsStellar Lumen (XLM) Price Shows Signs of Important Reversal

Stellar Lumen (XLM) Price Shows Signs of Important Reversal

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  • Stellar lumen price is currently consolidating above the $0.0450 support area against the US Dollar.
  • XLM price might start a decent increase if it clears the $0.0480 and $0.0500 resistance levels.
  • There is a key bearish trend line forming with resistance near $0.0465 on the 4-hours chart (data feed via Kraken).
  • The pair seems to be forming a strong support base near $0.0450 and $0.0435.

Stellar lumen price is sowing positive signs against the US Dollar, while bitcoin is climbing higher. XLM is likely to accelerate above $0.0500 as long as it is above $0.0435.

Stellar Lumen Price Analysis (XLM to USD)

In the past few days, stellar lumen price remained in a broad range below the $0.0480 resistance against the US Dollar. The XLM/USD pair seems to be forming a strong support base near $0.0450 and $0.0435.

The last swing low was near $0.0437 before the price started an upward move. It broke the $0.0450 resistance. Besides, there was a break above the 50% Fibonacci retracement level of the downward move from the $0.0475 high to $0.0437 low.

More importantly, there was a close above the $0.0455 and the 55 simple moving average (4-hours). However, the price is now facing resistance near the $0.0480 area.

Additionally, the 76.4% Fibonacci retracement level of the downward move from the $0.0475 high to $0.0437 low is acting as a resistance. There is also a key bearish trend line forming with resistance near $0.0465 on the 4-hours chart.

Therefore, an upside break above the $0.0475 and $0.0480 resistance levels could open the doors for more gains. The next major resistance is near the $0.0500 level, above which stellar price might start a strong upward move.

In the mentioned case, the price is likely to gain pace above the $0.0520 level. Conversely, the price could struggle to continue higher above the $0.0480 level.

In the bearish scenario, the bears are likely to push the price back towards the $0.0450 and $0.0435 support levels. Any further losses might start a major decline towards the $0.0400 support area, followed by $0.0380.

Stellar Lumen Price
Stellar Lumen Price

The chart indicates that XLM price is bullish signs above the $0.0435 and $0.0450 support levels. However, the bulls need to gain momentum above the $0.0480 and $0.0500 resistance levels to set the stage for a larger upward move in the near term.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is currently gaining momentum in the bullish zone.

4 hours RSI – The RSI for XLM/USD is now well above the 50 level.

Key Support Levels – $0.0450 and $0.0435.

Key Resistance Levels – $0.0475, $0.0480 and $0.0500.

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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